Null hypothesis

F-Statistic

p-value

Decision

D (Log Exchange Rate) does not Granger Cause D (Log RGDP)

0.297

0.589

Not Reject

D (Log RGDP) does not Granger Cause D (Log Exchange Rate)

1.407

0.243

Not Reject

D (Log Real Public Debt) does not Granger Cause D (Log RGDP)

0.037

0.848

Not Reject

D (Log RGDP) does not Granger Cause D (Log Real Public Debt)

0.002

0.965

Not Reject

D (Log Real Expenditure) does not Granger Cause D (Log RGDP)

0.209

0.65

Not Reject

D (Log RGDP) does not Granger Cause D (Log Real Expenditure)

0.779

0.383

Not Reject

D (Log Real Imports) does not Granger Cause D (Log RGDP)

2.585

0.116

Not Reject

D (Log RGDP) does not Granger Cause D (Log Real Imports)

6.444

0.015

Reject

D (Log Real Export) does not Granger Cause D (Log RGDP)

3.121

0.085

Not Reject

D (Log RGDP) does not Granger Cause D (Log Real Export)

1.534

0.223

Not Reject

D (Log Broad Money Supply M2) does not Granger Cause D (Log RGDP)

4.684

0.037

Reject

D (Log RGDP) does not Granger Cause D (Log Broad Money Supply M2)

3.539

0.068

Not Reject

D (Log Real Public Debt) does not Granger Cause D (Log Exchange Rate)

2.187

0.148

Not Reject

D (Log Exchange Rate) does not Granger Cause D (Log Real Public Debt)

0.842

0.365

Not Reject

D (Log Real Expenditure) does not Granger Cause D (Log Exchange Rate)

0.801

0.376

Not Reject

D (Log Exchange Rate) does not Granger Cause D (Log Real Expenditure)

6.328

0.016

Reject

D (Log Real Imports) does not Granger Cause D (Log Exchange Rate)

10.103

0.003

Reject

D (Log Exchange Rate) does not Granger Cause D (Log Real Imports)

3.717

0.061

Not Reject

D (Log Real Export) does not Granger Cause D (Log Exchange Rate)

1.731

0.196

Not Reject

D (Log Exchange Rate) does not Granger Cause D (Log Real Export)

0.36

0.552

Not Reject

D (Log Broad Money Supply M2) does not Granger Cause D (Log Exchange Rate)

0.057

0.812

Not Reject

D (Log Exchange Rate) does not Granger Cause D (Log Broad Money Supply M2)

0.386

0.538

Not Reject

D (Log Real Expenditure) does not Granger Cause D (Log Real Public Debt)

0.114

0.738

Not Reject

D (Log Real Public Debt) does not Granger Cause D (Log Real Expenditure)

2.978

0.093

Not Reject

D (Log Real Imports) does not Granger Cause D (Log Real Public Debt)

0.335

0.566

Not Reject

D (Log Real Public Debt) does not Granger Cause D (Log Real Imports)

3.298

0.077

Not Reject

D (Log Real Export) does not Granger Cause D (Log Real Public Debt)

0.027

0.869

Not Reject

D (Log Real Public Debt) does not Granger Cause D (Log Real Export)

0.457

0.503

Not Reject

D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Public Debt)

0.182

0.672

Not Reject

D (Log Real Public Debt) does not Granger Cause D (Log Broad Money Supply M2)

0.02

0.888

Not Reject

D (Log Real Imports) does not Granger Cause D (Log Real Expenditure)

2.808

0.102

Not Reject

D (Log Real Expenditure) does not Granger Cause D (Log Real Imports)

4.389

0.043

Reject

D (Log Real Export) does not Granger Cause D (Log Real Expenditure)

5.669

0.022

Reject

D (Log Real Expenditure) does not Granger Cause D (Log Real Export)

2.966

0.093

Not Reject

D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Expenditure)

5.485

0.025

Reject

D (Log Real Expenditure) does not Granger Cause D (Log Broad Money Supply M2)

0.976

0.329

Not Reject

D (Log Real Export) does not Granger Cause D (Log Real Imports)

2.226

0.144

Not Reject

D (Log Real Imports) does not Granger Cause D (Log Real Export)

1.559

0.219

Not Reject

D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Imports)

4.118

0.049

Reject

D (Log Real Imports) does not Granger Cause D (Log Broad Money Supply M2)

5.127

0.029

Reject

D (Log Broad Money Supply M2) does not Granger Cause D (Log Real Export)

2.767

0.104

Not Reject

D (Log Real Export) does not Granger Cause D (Log Broad Money Supply M2)

1.085

0.304

Not Reject