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Table 4 p values of the Granger causality test on (a) \(\ln \left( {X_{i,t} + 1} \right)\), (b) \(R_{i,t}\) of the 8 economies and (c) p values of the Granger causality test between \(\ln \left( {X_{i,t} + 1} \right)\) and \(R_{i,t}\) of each of the 8 economies

From: How does Covid-19 affect global equity markets?

  Recipient        
(a)         
Source China 0.698021 0.667601 0.866272 0.826572 0.572981 0.563564 0.511255
  0.263977 Hong Kong 0.560073 0.768454 0.189710 0.440045 0.530950 0.701268
  0.012415 0.058785 South Korea 0.000268 3.13 × 10–5 0.066047 0.057474 0.029470
  0.006643 0.007571 0.028479 Japan 0.001741 0.057504 0.015034 0.071302
  0.012658 0.007092 0.410447 0.00349 Italy 0.000460 8.85 × 10–5 4.30 × 10–6
  0.020633 0.001904 0.729311 0.030531 0.316916 Spain 0.002139 5.50 × 10–7
  0.020569 0.002761 0.759329 0.054139 0.382101 0.370744 France 1.31 × 10–8
  0.057389 0.008927 0.606892 0.086722 0.197307 0.115558 0.000476 Germany
(b)         
Source China 0.544424 0.039571 0.838035 0.492295 0.958960 0.857592 0.879781
  0.791993 Hong Kong 0.001358 0.823920 0.913958 0.605238 0.909366 0.931905
  0.280445 0.000121 South Korea 0.169997 0.678331 0.058796 0.050618 0.028812
  0.182089 0.001932 0.231562 Japan 0.905928 0.008052 0.027710 0.017987
  0.492295 0.287735 0.471281 0.033015 Italy 0.000802 0.014574 0.011477
  0.802468 0.932675 0.853021 0.000586 0.516475 Spain 0.104732 0.136393
  0.591066 0.271251 0.715945 0.000698 0.337280 0.158152 France 0.846873
  0.556160 0.229315 0.731679 0.000549 0.415052 0.235021 0.722761 Germany
(c)         
  China Hong Kong South Korea Japan Italy Spain France Germany
\(\ln \left( {X_{i,t} + 1} \right)\) -> \(R_{i,t}\) 0.121281 0.437926 0.253122 0.057691 0.209052 0.00234 0.000676 0.002094
\(R_{i,t}\) -> \(\ln \left( {X_{i,t} + 1} \right)\) 0.794184 0.294549 0.651025 0.446594 0.648026 0.758888 0.487102 0.420531