Table 6 VAR granger test/wald test.

Dependent variable: GDPGRWT

Excluded

Chi-sq

df

Prob

EFOSST_

3.964188

2

0.1378

ELRESXHDY

12.25615

2

0.0022

TGHE_

1.160525

2

0.5598

PPGPLIT

2.896414

2

0.2350

All

25.00574

8

0.0016

Dependent variable: EFOSST_

Excluded

Chi-sq

df

Prob

GDPGRWT

0.757173

2

0.6848

ELRESXHDY

17.05571

2

0.0002

TGHE_

63.48471

2

0.0000

PPGPLIT

66.06707

2

0.0000

All

132.3742

8

0.0000

Dependent variable: ELRESXHDY

Excluded

Chi-sq

df

Prob

GDPGRWT

2.241062

2

0.3261

EFOSST_

0.492105

2

0.7819

TGHE_

19.23845

2

0.0001

PPGPLIT

27.99978

2

0.0000

All

52.51906

8

0.0000

Dependent variable: TGHE_

Excluded

Chi-sq

df

Prob

GDPGRWT

0.085927

2

0.9579

EFOSST_

0.744941

2

0.6890

ELRESXHDY

4.481621

2

0.1064

PPGPLIT

0.117292

2

0.9430

All

9.543200

8

0.2986

Dependent variable: PPGPLIT

Excluded

Chi-sq

df

Prob

GDPGRWT

1.735052

2

0.4200

EFOSST_

0.400585

2

0.8185

ELRESXHDY

0.697107

2

0.7057

TGHE_

0.124586

2

0.9396

All

2.688177

8

0.9524