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Financial Innovation

Table 10 Dumitrescu and Hurlin (2012) Granger non-causality test

From: Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method

Null Hypothesis

W-bar

Z-bar

Probability

DC ≠ > I

3.5726

4.8129

0.0200

BE ≠ > I

1.2290

0.4283

0.7600

BM ≠ > I

1.3615

0.6762

0.5200

GDP ≠I

6.3084

9.9312

0.0000

REM ≠ > I

2.6061

3.0047

0.1400

  1. Source: Authors’ computation
  2. Note: Lag order was 4. Probability values were computed using 100 bootstrap replication. The symbol ≠ > represents no causality between the selected variables. DC domestic credit, I domestic investment, BE bank efficiency, BM broad money, REM remittances
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