Cashless payment and economic growth

Financial Innovation

Table 3 Panel Causality

Dependent variable	∆RGDP	∆EM	∆TT Chi-square	∆CP	∆Che	Ect t-statistics
∆RGDP	-	0.1322	1.2627	0.0865	0.4291	−3.6028***
∆EM	0.0044	-	0.3094	0.0072	0.4857	−4.0644***
∆TT	0.1954	0.0023	-	0.0719	47.2984***	−3.2676***
∆CP	0.4662	0.0194	4.9791**	-	24.2170***	−1.6864
∆Che	1.7262	0.0454	1.0616	0.9946	-	−6.6049***

The *, ** and *** denotes rejection of the null hypothesis at the 10, 5 and 1 % level respectively. Maximum lag is automatically selected based on Schwarz information criterion