Table 3 Pairwise correlation analysis...

Table 3

Pairwise correlation analysis

	GDP	CO2	FSI	EIL	EXR	FDI	CPI	RIR
GDP	1.00
GDP	(0.00)
CO2	−0.37	1.00
CO2	(0.00)	(0.00)
FSI	0.77	−0.15	1.00
FSI	(0.00)	(0.04)	(0.00)
EIL	−0.17	0.75	−0.03	1.00
EIL	(0.02)	(0.00)	(0.71)	(0.00)
EXR	−0.25	0.20	−0.19	0.01	1.00
EXR	(0.00)	(0.01)	(0.01)	(0.87)	(0.00)
FDI	0.08	−0.09	0.17	−0.06	0.10	1
FDI	(0.25)	(0.23)	(0.02)	(0.37)	(0.17)	(0.00)
CPI	0.41	−0.30	0.58	−0.25	−0.13	0.18	1.00
CPI	(0.00)	(0.00)	(0.00)	(0.00)	(0.07)	(0.01)	(0.00)
RIR	−0.24	−0.16	0.01	−0.07	0.04	0.09	0.14	1.00
RIR	(0.00)	(0.05)	(0.89)	(0.39)	(0.60)	(0.27)	(0.08)	(0.00)

	GDP	CO2	FSI	EIL	EXR	FDI	CPI	RIR
GDP	1.00
GDP	(0.00)
CO2	−0.37	1.00
CO2	(0.00)	(0.00)
FSI	0.77	−0.15	1.00
FSI	(0.00)	(0.04)	(0.00)
EIL	−0.17	0.75	−0.03	1.00
EIL	(0.02)	(0.00)	(0.71)	(0.00)
EXR	−0.25	0.20	−0.19	0.01	1.00
EXR	(0.00)	(0.01)	(0.01)	(0.87)	(0.00)
FDI	0.08	−0.09	0.17	−0.06	0.10	1
FDI	(0.25)	(0.23)	(0.02)	(0.37)	(0.17)	(0.00)
CPI	0.41	−0.30	0.58	−0.25	−0.13	0.18	1.00
CPI	(0.00)	(0.00)	(0.00)	(0.00)	(0.07)	(0.01)	(0.00)
RIR	−0.24	−0.16	0.01	−0.07	0.04	0.09	0.14	1.00
RIR	(0.00)	(0.05)	(0.89)	(0.39)	(0.60)	(0.27)	(0.08)	(0.00)

Note(s): The correlation matrix is used to assess the strength and direction of the linear relationship between two or more variables. The correlation coefficient can range from −1 to +1, where −1 indicates a perfect negative correlation, +1 denotes a perfect positive correlation and 0 indicates no connection between variables

Source(s): Authors' calculation

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