Remittances, financial development and economic growth in sub-Saharan African countries: evidence from a PMG-ARDL approach

Financial Innovation

Table 15 Panel VAR Causality Lag Correlation Test

Sample: 2000 2015
Included observations: 320
Correlations are asymptotically consistent approximations
_GDP,_M2(−i)	_GDP,_M2(+i)	i	lag	lead
.\|******* \|	.\|******* \|	0	0.7026	0.7026
.\|******* \|	.\|******* \|	1	0.6877	0.6626
.\|******* \|	.\|****** \|	2	0.6679	0.6027
.\|****** \|	.\|***** \|	3	0.6411	0.5390
.\|****** \|	.\|***** \|	4	0.6051	0.4717
.\|****** \|	.\|**** \|	5	0.5620	0.4009
.\|***** \|	.\|*** \|	6	0.5103	0.3363
.\|***** \|	.\|*** \|	7	0.4655	0.2792
.\|**** \|	.\|** \|	8	0.4149	0.2289
.\|**** \|	.\|** \|	9	0.3723	0.1783
.\|*** \|	.\|* \|	10	0.3234	0.1383
.\|*** \|	.\|* \|	11	0.2697	0.1011