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

1.273

0.736

12.442

8.068

6.439

5.398

0.145

12.177

8.259

6.535

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

1.328

0.515

10.595

6.409

4.951

0.477

0.788

10.383

6.346

4.775