Table 4: Granger causality test results.

Dependent variableIndependent variable Independent variable lags included Chi-square
Value value

12.3060.129
11.9790.160
10.6030.437
10.8610.354
12.3390.126
11.8590.173
14.6620.031
14.9540.026

hypothesis: independent variable Granger causes dependent variable.