Table 7: Granger causality test.

ModelNull hypothesisLagObs StatProb.

1 RGDP does not Granger cause REXP2480.00120.9998
REXP does not Granger cause RGDP0.49280.6142
2 RPCGDP does not Granger cause RPCEXP2480.87310.4631
RPCEXP does not Granger cause RPCGDP0.00820.9989
3 REXP does not Granger cause RPCGDP2481.35210.2692
RPCGDP does not Granger cause REXP0.06480.9919
4 CEXP does not Granger cause RGDP2487.87760.1021
RGDP does not Granger cause CEXP22.65541.9907
5 RPCGDP does not Granger cause (NEXP/NGDP)2480.06610.9360
(NEXP/NGDP) does not Granger cause RPCGDP0.25220.7782
6 RGDP does not Granger cause (NEXP/NGDP)2480.06360.9386
(NEXP/NGDP) does not Granger cause RGDP0.22840.7967

*, **, ** are significant at one percent, five percent, and ten percent level.