Null hypothesis | F-Statistic | p-value | Decision |
D (Log Exchange Rate) does not Granger Cause D (Log RGDP) | 0.4277 | 0.515 | Not Reject |
D (Log RGDP) does not Granger Cause D (Log Exchange Rate) | 1.0543 | 0.3077 | Not Reject |
D (Log Real Public Debt) does not Granger Cause D (Log RGDP) | 9.1643 | 0.0033 | Reject |
D (Log RGDP) does not Granger Cause D (Log Real Public Debt) | 0.3809 | 0.5389 | Not Reject |
D (Log Real Expenditure) does not Granger Cause D (Log RGDP) | 6.0761 | 0.0159 | Reject |
D (Log RGDP) does not Granger Cause D (Log Real Expenditure) | 13.263 | 0.0005 | Reject |
D (Log Real Imports) does not Granger Cause D (Log RGDP) | 2.4624 | 0.1206 | Not Reject |
D (Log RGDP) does not Granger Cause D (Log Real Imports) | 4.5061 | 0.0369 | Reject |
D (Log Real Export) does not Granger Cause D (Log RGDP) | 2.492 | 0.1185 | Not Reject |
D (Log RGDP) does not Granger Cause D (Log Real Export) | 6.4628 | 0.013 | Reject |
D (Log Broad Money Supply M2) does not Granger Cause D (Log RGDP) | 0.6526 | 0.4217 | Not Reject |
D (Log RGDP) does not Granger Cause D (Log Broad Money Supply M2) | 0.3686 | 0.5455 | Not Reject |
D (Log Real Public Debt) does not Granger Cause D (Log Exchange Rate) | 0.0313 | 0.86 | Not Reject |
D (Log Exchange Rate) does not Granger Cause D (Log Real Public Debt) | 11.272 | 0.0012 | Reject |
D (Log Real Expenditure) does not Granger Cause D (Log Exchange Rate) | 0.4029 | 0.5274 | Not Reject |
D (Log Exchange Rate) does not Granger Cause D (Log Real Expenditure) | 3.2622 | 0.0747 | Not Reject |
D (Log Real Imports) does not Granger Cause D (Log Exchange Rate) | 0.9508 | 0.3325 | Not Reject |
D (Log Exchange Rate) does not Granger Cause D (Log Real Imports) | 6.8212 | 0.0108 | Reject |
D (Log Real Export) does not Granger Cause D (Log Exchange Rate) | 0.1716 | 0.6798 | Not Reject |
D (Log Exchange Rate) does not Granger Cause D (Log Real Export) | 4.6468 | 0.0342 | Reject |
D (Log Broad Money Supply M2) does not Granger Cause D (Log Exchange Rate) | 3.6331 | 0.0603 | Not Reject |
D (Log Exchange Rate) does not Granger Cause D (Log Broad Money Supply M2) | 3.442 | 0.0673 | Not Reject |
D (Log Real Expenditure) does not Granger Cause D (Log Real Public Debt) | 0.9777 | 0.3258 | Not Reject |
D (Log Real Public Debt) does not Granger Cause D (Log Real Expenditure) | 6.2934 | 0.0142 | Reject |
D (Log Real Imports) does not Granger Cause D (Log Real Public Debt) | 2.0745 | 0.1538 | Not Reject |
D (Log Real Public Debt) does not Granger Cause D (Log Real Imports) | 5.7311 | 0.0191 | Reject |
D (Log Real Export) does not Granger Cause D (Log Real Public Debt) | 0.5726 | 0.4515 | Not Reject |
D (Log Real Public Debt) does not Granger Cause D (Log Real Export) | 5.7422 | 0.0189 | Reject |
D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Public Debt) | 10.265 | 0.0019 | Reject |
D (Log Real Public Debt) does not Granger Cause D (Log Broad Money Supply M2) | 0.1599 | 0.6904 | Not Reject |
D (Log Real Imports) does not Granger Cause D (Log Real Expenditure) | 2.8436 | 0.0957 | Not Reject |
D (Log Real Expenditure) does not Granger Cause D (Log Real Imports) | 3.6664 | 0.0592 | Not Reject |
D (Log Real Export) does not Granger Cause D (Log Real Expenditure) | 3.3637 | 0.0705 | Not Reject |
D (Log Real Expenditure) does not Granger Cause D (Log Real Export) | 3.7345 | 0.0569 | Not Reject |
D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Expenditure) | 5.8222 | 0.0182 | Reject |
D (Log Real Expenditure) does not Granger Cause D (Log Broad Money Supply M2) | 0.0007 | 0.9783 | Not Reject |
D (Log Real Export) does not Granger Cause D (Log Real Imports) | 0.0664 | 0.7974 | Not Reject |
D (Log Real Imports) does not Granger Cause D (Log Real Export) | 0.8275 | 0.3658 | Not Reject |
D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Imports) | 6.9644 | 0.01 | Reject |
D (Log Real Imports) does not Granger Cause D (Log Broad Money Supply M2) | 0.8431 | 0.3613 | Not Reject |
D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Export) | 7.3229 | 0.0084 | Reject |
D (Log Real Export) does not Granger Cause D (Log Broad Money Supply M2) | 1.5458 | 0.2175 | Not Reject |