Pair-wise Granger causality test
| Causality flow | F–statistics | Remarks | Direction (General) |
|---|---|---|---|
| LNFLFPR and LNGDP | 5.76744 (0.0165)** | Causality | Unidirectional |
| LNGDP2 and LNFLFPR | 0.00124 (0.9719) | No causality | |
| LNMLFPR and LNGDP | 10.2451 (0.0014)*** | Causality | Unidirectional |
| LNGDP and LNMLFPR | 0.98910 (0.3202) | No causality | |
| LNSEMF and LNGDP | 2.50001 (0.1141) | No causality | Inconclusive |
| LNGDP and LNSEMF | 2.29334 (0.1302) | No causality | |
| LNURB and LNGDP | 0.55529 (0.4563) | No causality | Unidirectional |
| LNGDP and LNURP | 12.9177 (0.0003)*** | Causality |
| Causality flow | Remarks | Direction (General) | |
|---|---|---|---|
| LNFLFPR and LNGDP | 5.76744 (0.0165)** | Causality | Unidirectional |
| LNGDP2 and LNFLFPR | 0.00124 (0.9719) | No causality | |
| LNMLFPR and LNGDP | 10.2451 (0.0014)*** | Causality | Unidirectional |
| LNGDP and LNMLFPR | 0.98910 (0.3202) | No causality | |
| LNSEMF and LNGDP | 2.50001 (0.1141) | No causality | Inconclusive |
| LNGDP and LNSEMF | 2.29334 (0.1302) | No causality | |
| LNURB and LNGDP | 0.55529 (0.4563) | No causality | Unidirectional |
| LNGDP and LNURP | 12.9177 (0.0003)*** | Causality |
Note(s): ***, **, and * represents 1%, 5% and 10% significant level respectively