Countries | H0: BD does not Granger cause INF | H0: INF does not Granger cause BD | ||||||||
MWALD | TY Prob. | Bootstrap critical values | MWALD | TY Prob. | Bootstrap critical values | |||||
1% | 5% | 10% | 1% | 5% | 10% | |||||
Belgium | 0.183 | 0.913 | 9.674 | 6.083 | 4.673 | 0.243 | 0.886 | 10.343 | 6.373 | 4.801 |
Cyprus | 0.794 | 0.672 | 10.083 | 6.378 | 4.854 | 2.553 | 0.279 | 9.801 | 6.288 | 4.790 |
France | 0.566 | 0.753 | 10.414 | 6.361 | 4.776 | 0.182 | 0.913 | 9.304 | 6.121 | 4.592 |
Germany | 0.517 | 0.472 | 7.237 | 3.925 | 2.799 | 0.039 | 0.844 | 7.352 | 4.159 | 2.788 |
Netherlands | 0.907 | 0.341 | 7.891 | 3.927 | 2.649 | 0.029 | 0.865 | 7.903 | 3.865 | 2.637 |
Spain | 0.086 | 0.770 | 8.638 | 4.078 | 2.735 | 0.362 | 0.547 | 7.887 | 4.076 | 2.720 |
Sweden | 0.387 | 0.534 | 7.868 | 4.012 | 2.749 | 0.762 | 0.383 | 7.990 | 4.087 | 2.790 |
UK | 1.803 | 0.179 | 7.455 | 4.175 | 2.781 | 0.218 | 0.640 | 7.665 | 4.207 | 2.833 |