Pairwise Dumitrescu Hurlin panel causality tests
| Causality flow | W-Stat | Remark | Direction |
|---|---|---|---|
| MCAP to AGRVA | 0.98877 | No causality | Unidirectional |
| AGRVA to MCAP | 3.87982*** | Causality | |
| SVT to AGRVA | 0.69798 | No causality | Unidirectional |
| AGRVA to SVT | 2.84555*** | Causality | |
| M2_GDP to AGRVA | 1.34453 | No causality | Unidirectional |
| AGRVA to M2_GDP | 3.12735*** | Causality | |
| PHKAP to AGRVA | 1.51392 | No causality | No direction |
| AGRVA to PHKAP | 1.88944 | No causality | |
| LAB to AGRVA | 4.80233*** | Causality | Bidirectional |
| AGRVA to LAB | 2.34953** | Causality |
| Causality flow | Remark | Direction | |
|---|---|---|---|
| MCAP to AGRVA | 0.98877 | No causality | Unidirectional |
| AGRVA to MCAP | 3.87982*** | Causality | |
| SVT to AGRVA | 0.69798 | No causality | Unidirectional |
| AGRVA to SVT | 2.84555*** | Causality | |
| M2_GDP to AGRVA | 1.34453 | No causality | Unidirectional |
| AGRVA to M2_GDP | 3.12735*** | Causality | |
| PHKAP to AGRVA | 1.51392 | No causality | No direction |
| AGRVA to PHKAP | 1.88944 | No causality | |
| LAB to AGRVA | 4.80233*** | Causality | Bidirectional |
| AGRVA to LAB | 2.34953** | Causality |
Source(s): Author's construction: (***) and (**) represent 1 and 5% significance levels, respectively
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