Granger-causality results for all models
| Panel A | Panel B | |||||||
|---|---|---|---|---|---|---|---|---|
| Dependent variable | Low-income countries | Middle-income countries | ||||||
| D(y/N) | D(DEBT) | D(EXPT) | ECT | D(y/N) | D(DEBT) | D(EXPT) | ECT | |
| D(y/N) | – | 1.0432 [0.353] | 1.3140 [0.269] | 0.0013 (1.502) | – | 0.1376 [0.871] | 9.3387*** [0.000] | −0.0013*** (−3.707) |
| D(DEBT) | 3.5232* [0.061] | – | 0.00030 [0.987] | −0.0425*** (−7.183) | 1.4591 [0.233] | – | 3.3745** [0.035] | −0.0167 (−1.508) |
| D(EXPT) | 0.9700 [0.380] | 4.9265*** [0.008] | – | −0.0686*** [−3.080] | 3.0806** [0.047] | 1.6065 [0.202] | – | −0.0234*** (−3.034) |
| Panel A | Panel B | |||||||
|---|---|---|---|---|---|---|---|---|
| Dependent variable | Low-income countries | Middle-income countries | ||||||
| ECT | ECT | |||||||
| – | 1.0432 [0.353] | 1.3140 [0.269] | 0.0013 (1.502) | – | 0.1376 [0.871] | 9.3387*** [0.000] | −0.0013*** (−3.707) | |
| 3.5232* [0.061] | – | 0.00030 [0.987] | −0.0425*** (−7.183) | 1.4591 [0.233] | – | 3.3745** [0.035] | −0.0167 (−1.508) | |
| 0.9700 [0.380] | 4.9265*** [0.008] | – | −0.0686*** [−3.080] | 3.0806** [0.047] | 1.6065 [0.202] | – | −0.0234*** (−3.034) | |
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