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