Table 7: Toda-Yamamoto causality analysis.

Dependent variableDirection of causality

-16.9814 9.6052 2.70871.6018
2.7799 - 0.13387.8682 1.0885
0.84124.2650 -8.5139 2.9077
6.9188 0.13712.0606 - 3.9641
0.67890.172121.3834 8.5975 -

Autocorrelation test

LM-Stat27.8038 Prob 0.3170

Significance at 1%, 5%, and 10%.