Table 8

Pairwise Granger causality tests

Null hypothesisLag: 1Lag: 2
F-statisticProbF-statisticProb
POLITY2 does not Granger Cause LNGPDC53.727220.0614*12.5080.00009***
LNGPDC5 does not Granger Cause POLITY20.044860.83350.357460.7021
MPV does not Granger Cause LNGPDC511.22680.0019***3.953130.0289**
LNGPDC5 does not Granger Cause MPV0.139860.71060.112380.894
DEA does not Granger Cause LNGPDC58.985160.0049***3.407660.0451**
LNGPDC5 does not Granger Cause DEA5.4910.0248**3.686850.0359**

Source(s): Author's estimation using Eviews 11

Note(s): The asterisks ***, ** and * sign indicates the significance of the F-test at 1%, 5% and 10% significant level respectively

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