The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
From: Dynamic correlation pattern amongst alternative energy market for diversification opportunities
Crisis period | Non-linear Granger causality with decomposition | Non-linear Granger causality without decomposition | |||
---|---|---|---|---|---|
D1 | D2 | D3 | D4 | ||
World–developed | 1.896 (0.0290) | 2.308 (0.0105) | 4.711 (0.0000) | 3.928 (0.0004) | 0.686 (0.2464) |
Developed–world | 1.238 (0.1078) | 1.719 (0.0428) | 3.874 (0.0006) | 3.875 (0.0006) | 0.838 (0.2011) |
World–emerging | 1.502 (0.0666) | 1.910 (0.0281) | 1.083 (0.1395) | 2.973 (0.0015) | − 0.856 (0.8039) |
Emerging–world | 0.541 (0.2942) | − 0.190 (0.5752) | 0.997 (0.1595) | 2.704 (0.0034) | 0.967 (0.1668) |
World–EU | 2.819 (0.0024) | 2.387 (0.0085) | 3.984 (0.0000) | 3.413 (0.0003) | 1.227 (0.1099) |
EU–world | 2.935 (0.0017) | 2.343 (0.0096) | 3.858 (0.0001) | 3.969 (0.0000) | 1.776 (0.0378) |
World–BRIC | 0.832 (0.2027) | 0.045 (0.4819) | 1.178 (0.1195) | 1.673 (0.0472) | 1.110 (0.1336) |
BRIC–world | 0.687 (0.7539) | 0.489 (0.3123) | 1.860 (0.0314) | 2.304 (0.0106) | 0.694 (0.2438) |
World–G7 | 2.593 (0.0048) | 2.449 (0.0072) | 3.906 (0.0001) | 4.277 (0.0000) | 1.493 (0.0678) |
G7–world | 2.619 (0.0044) | 2.068 (0.0193) | 4.504 (0.0000) | 4.003 (0.0000) | 1.154 (0.1242) |
Developed–emerging | 1.954 (0.0254) | 1.736 (0.0413) | 0.593 (0.2765) | 2.877 (0.0020) | − 1.120 (0.8687) |
Emerging–developed | 1.351 (0.0883) | 0.443 (0.3290) | 0.375 (0.3537) | 2.738 (0.0027) | 0.611 (0.2706) |
Developed–EU | 2.688 (0.0036) | 2.413 (0.0079) | 4.631 (0.0000) | 3.682 (0.0001) | 1.306 (0.0957) |
EU–developed | 3.151 (0.0008) | 2.078 (0.0188) | 4.326 (0.0000) | 4.144 (0.0002) | 1.280 (0.1003) |
Developed–BRIC | 0.755 (0.2253) | 0.221 (0.4124) | 0.421 (0.3367) | 1.618 (0.0528) | 1.326 (0.0924) |
BRIC–developed | − 0.462 (0.6780) | 0.613 (0.2700) | 1.302 (0.0964) | 2.639 (0.0042) | − 0.512 (0.6957) |
Developed–G7 | 2.239 (0.0126) | 1.986 (0.0235) | 3.729 (0.0010) | 3.940 (0.0000) | 1.253 (0.1051) |
G7–developed | 2.360 (0.0092) | 2.181 (0.0146) | 4.588 (0.0000) | 3.870 (0.0001) | 0.819 (0.2064) |
Emerging–EU | 0.876 (0.1905) | 0.127 (0.4493) | 0.699 (0.2424) | 2.376 (0.0088) | − 0.120 (0.5476) |
EU–emerging | 2.074 (0.0190) | 0.256 (0.3988) | 0.143 (0.4433) | 2.636 (0.0042) | − 0.097 (0.5386) |
Emerging–BRIC | 1.081 (0.1398) | 0.565 (0.2860) | 2.733 (0.0031) | 3.297 (0.0005) | 0.396 (0.346) |
BRIC–emerging | 1.519 (0.0644) | 0.785 (0.2161) | 2.489 (0.0064) | 3.186 (0.0007) | − 0.285 (0.6121) |
Emerging–G7 | 1.752 (0.0399) | 1.529 (0.0631) | 0.729 (0.2330) | 2.607 (0.0046) | 0.967 (0.1669) |
G7–emerging | 1.322 (0.0931) | 1.878 (0.0302) | 0.725 (0.2344) | 2.600 (0.0047) | − 0.651 (0.7426) |
EU–BRIC | 1.777 (0.0378) | − 0.037 (0.5146) | 0.255 (0.3992) | 1.913 (0.0279) | 0.749 (0.2268) |
BRIC–EU | 0.582 (0.2805) | 0.028 (0.4887) | 1.246 (0.1064) | 2.611 (0.0045) | − 0.726 (0.7661) |
EU–G7 | 2.560 (0.0052) | 2.533 (0.0057) | 3.133 (0.0009) | 4.174 (0.0000) | 0.780 (0.2176) |
G7–EU | 2.122 (0.0169) | 2.431 (0.0075) | 3.711 (0.0001) | 3.632 (0.0001) | 1.013 (0.1555) |
BRIC–G7 | 0.945 (0.1724) | 1.359 (0.0871) | 1.272 (0.1017) | 2.668 (0.0038) | 0.846 (0.1988) |
G7–BRIC | 1.868 (0.0309) | 1.178 (0.1193) | 0.473 (0.3181) | 0.991 (0.1607) | 0.409 (0.3413) |