Equation/Excluded

Statistics chi2

Probability

lnPIB

lnCE

No Granger causality

0.043

0.836

Institution

No Granger causality

0.051

0.822

Interaction2

No Granger causality

0.077

0.782

ALL

No Granger causality

2.337

0.886

lnCE

lnPIB

No Granger causality

0.045

0.833

Institution

No Granger causality

0.114

0.736

Interaction2

No Granger causality

0.091

0.763

ALL

No Granger causality

1.863

0.932

institution

lnPIB

No Granger causality

0.081

0.775

lnCE

No Granger causality

0.633

0.426

Interaction2

No Granger causality

0.972

0.324

ALL

No Granger causality

20.454

0.002

Interaction

lnPIB

No Granger causality

0.023

0.880

lnFBCF

No Granger causality

0.000

0.995

lnCE

No Granger causality

0.614

0.433

Institution

No Granger causality

2.469

0.116

ALL

No Granger causality

24.767

0.000