| Study | Country (s)/Periods | Method | Findings |
| Kraft and Kraft (1978) | United States (1947-1974) | Sims causality test | Unidirectional causality |
| Yu and Hwang (1984) | United States (1947-1979) | Sims causality test | No causality |
| Ferguson et al. (2000) | 110 countries (1971-1995 and 1960-1995) | Correlation analysis | Unidirectional causality |
| Shiu and Lam (2004) | China (1971-2000) | Johansen co-integration and Granger causality test | Unidirectional causality |
| Aktas and Yilmaz (2008) | Turkey (1970-2004) | Granger Causality | Unidirectional causality |
| Atif and Siddiqi (2010) | Pakistan (1971-2007) | Granger Causality and modified WALD test | Unidirectional causality |
| Adom (2011) | Ghana (1971-2008) | Toda and Yamamoto Granger causality test | Unidirectional causality |
| Aslan (2014) | Turkey (1968-2008) | ARDL bond test and Granger causality test | Bidirectional causality |
| Ogundipe and Apata (2013) | Nigeria (1980-2008) | Bound testing co-integration, linear and no-linear Granger causality tests | Bidirectional causality |