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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