Granger Causality Test

Opium

Tea

Silk

Silver Inflow

Silver-Copper Ratio

Rice Price

Opium

F = 0 (1.000)

F = 1.30 (0.2798

F = 4.55* (0.0148)

F = 4.08* (0.0221)

F = 0.38 (0.684)

F = 0.13 (0.8768)

Tea

F = 3.19* (0.0487)

F = 0 (1.000)

F = 2.07 (0.1356)

F = 1.16 (0.3200)

F = 0.44 (0.647)

F = 1.83 (0.1700)

Silk

F = 3.57* (0.0349)

F = 2.74** (0.0731)

F = 0 (1.000)

F = 3.96* (0.0247)

F = 5.20* (0.0086)

F = 0.77 (0.4686)

Silver Inflow

F = 1.55 (0.2210)

F = 0.30 (0.7386)

F = 1.43 (0.2475)

F = 0 (1.000)

F = 0.57 (0.2163)

F = 1.57 (0.2173)

Silver-Copper Ratio

F = 1.01 (0.3711)

F = 0.09 (0.9122)

F = 0.79 (0.4571)

F = 2.95** (0.0620)

F = 0

(1.000)

F = 1.54 (0.2229)

Rice Price

F = 2.44** (0.0959)

F = 0.52 (0.5958)

F = 8.59* (0.0006)

F = 0.44 (0.6454)

F = 5.35* (0.0074)

F = 0 (1.000)