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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 5 Non-linear Granger causality with decompositions—crisis period

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)