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Granger causality test eviews1/7/2023 However, when FD2 is used to measure financial development, there is short- and long-run unidirectional Granger-causality from financial development to economic growth. The results reported in Table 3.4, Panel A, reveal that in French-speaking African countries, there is unidirectional Granger-causality from economic growth to financial development but only in the short run when financial development is proxied by FD1 and FD3. ∗ ∗∗ and ∗∗∗ denote significance at 10%, 5% and 1% respectively. ECT coefficients and t-stats in parentheses for long-run relation. Chi-squared statistics and P-values in parentheses for short-run. Note: Null hypothesis of ‘no Granger causality’ between dependent and independent variable. Panel B: English-Speaking African Countries Panel A: French-Speaking African Countries
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