Null hypothesis

Chi-Statistic

p-value

Decision

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

0.18

0.675

Not Reject

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

2.58

0.1082

Not Reject

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

10.34

0.0013

Reject

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

0.31

0.5802

Not Reject

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

14.85

0.0001

Reject

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

0.75

0.3866

Not Reject

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

5.93

0.0149

Reject

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

1.9

0.1686

Not Reject

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

5.45

0.0196

Reject

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

0.54

0.4641

Not Reject

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

23.19

0

Reject

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

0

0.9608

Not Reject

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

0.12

0.7258

Not Reject

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

1.82

0.177

Not Reject

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

0.07

0.7878

Not Reject

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

0.4

0.5285

Not Reject

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

6.89

0.0087

Reject

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

1.98

0.1599

Not Reject

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

0.05

0.8292

Not Reject

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

1.21

0.2705

Not Reject

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

0.03

0.8652

Not Reject

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

3.89

0.0487

Reject

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

0.11

0.736

Not Reject

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

0.01

0.938

Not Reject

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

0.1

0.7478

Not Reject

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

0.05

0.8303

Not Reject

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

1.3

0.2544

Not Reject

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

1.1

0.2943

Not Reject

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

0.11

0.7406

Not Reject

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

0.46

0.4953

Not Reject

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

0.08

0.7806

Not Reject

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

4.53

0.0333

Reject

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

1.73

0.1884

Not Reject

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

4.39

0.0361

Reject

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

4.38

0.0363

Reject

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

0.01

0.934

Not Reject

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

0.82

0.3661

Not Reject

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

5.34

0.0209

Reject

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

4.63

0.0314

Reject

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

3.29

0.0698

Not Reject

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

3.95

0.0469

Reject

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

0.46

0.4989

Not Reject