H0

Lag Structure (Order of VAR)

SX does not

cause GDP

GDP does not

cause SX

MWALD statistic

MWALD statistic

1(2)

0.354860

[0.5514]

0.014842

[0.9030]

2(3)

17.43988*

[0.0002]

1.251038

[0.5350]

3(4)

30.92605*

[0.0000]

1.644202

[0.6494]

4(5)

118.6050*

[0.0000]

0.826071

[0.9349]