S/N

Pairwise Relations

F-statistics

1.

Money growth does not granger causes inflation

24.605*

Inflation does not granger causes money growth

10.548*

2.

Inflation does not granger causes exchange rate

1.229

Exchange rate does not granger causes inflation

7.274*

3.

Inflation does not granger causes imports capacity

7.828*

Imports capacity does not granger causes inflation

11.740*

4.

Interest rate does not granger causes inflation

0.455

Inflation does not granger causes interest rate

2.984**

5.

Fiscal deficit financing does not granger causes inflation

0.123

Inflation does not granger causes fiscal deficit financing

1.278

6.

Budget deficit financing does not granger causes inflation

5.468*

Inflation does not granger causes budget deficit financing

1.821

7.

Domestic financing does not granger causes inflation

0.123

Inflation does not granger causes domestic financing

1.079

8.

Foreign financing does not granger causes inflation

2.992**

Inflation does not granger causes foreign financing

0.631