Granger causality test
| Dep. Var | Expl. Var | X2 | df |
|---|---|---|---|
| SLOPE | Yl | 7.113* | 3 |
| CURV | 5.55 | 3 | |
| GROWTH | 1.064 | 3 | |
| FX_C | 2.67 | 3 | |
| ALL | 12.916 | 12 | |
| Y1 | SLOPE | 1.242 | 3 |
| CURV | 2.574 | 3 | |
| GROWTH | 6.863* | 3 | |
| FX_C | 3.707 | 3 | |
| ALL | 15.461 | 12 | |
| CURV | SLOPE | 3.869 | 3 |
| Yl | 3.864 | 3 | |
| GROWTH | 4.679 | 3 | |
| FX_C | 3.902 | 3 | |
| ALL | 12.17 | 12 | |
| GROWTH | SLOPE | 0.47 | 3 |
| Yl | 0.348 | 3 | |
| CURV | 1.202 | 3 | |
| FX_C | 0.74 | 3 | |
| ALL | 6.639 | 12 | |
| FX_C | SLOPE | 2.439 | 3 |
| Yl | 2.298 | 3 | |
| CURV | 1.3 | 3 | |
| GROWTH | 2.107* | 3 | |
| ALL | 14.118 | 12 |
| Dep. Var | Expl. Var | df | |
|---|---|---|---|
| SLOPE | Yl | 7.113* | 3 |
| CURV | 5.55 | 3 | |
| GROWTH | 1.064 | 3 | |
| FX_C | 2.67 | 3 | |
| ALL | 12.916 | 12 | |
| Y1 | SLOPE | 1.242 | 3 |
| CURV | 2.574 | 3 | |
| GROWTH | 6.863* | 3 | |
| FX_C | 3.707 | 3 | |
| ALL | 15.461 | 12 | |
| CURV | SLOPE | 3.869 | 3 |
| Yl | 3.864 | 3 | |
| GROWTH | 4.679 | 3 | |
| FX_C | 3.902 | 3 | |
| ALL | 12.17 | 12 | |
| GROWTH | SLOPE | 0.47 | 3 |
| Yl | 0.348 | 3 | |
| CURV | 1.202 | 3 | |
| FX_C | 0.74 | 3 | |
| ALL | 6.639 | 12 | |
| FX_C | SLOPE | 2.439 | 3 |
| Yl | 2.298 | 3 | |
| CURV | 1.3 | 3 | |
| GROWTH | 2.107* | 3 | |
| ALL | 14.118 | 12 |
Note(s): This table reports panel Granger Cause analysis: Abrigo and Love (2016). The significance levels at 0.01, 0.05, and 0.1 are denoted by ***, **, and *, respectively
Source(s): Authors' calculation