Table 5 Pairwise Granger Causality Tests results

RGDP

_

0.21844

0.05868

0.36665

2.62276*

0.65548

\({\text{PRIVEXP}} \to {\text{RGDP}}\)

RECEXP

2.27588

_

0.67959

5.9557***

1.08213

0.09020

\({\text{DEBT}} \to {\text{RECEXP}}\)

CAPEXP

2.35789

0.63222

_

4.56949***

0.85755

0.21113

\({\text{DEBT}} \to {\text{CAPEXP}}\)

DEBT

2.64269*

2.25369

0.95126

_

2.75143*

1.43641

\({\text{RGDP}} \to {\text{DEBT}}\)

PRIVEXP

1.51849

0.19057

2.57333*

0.11816

_

1.17110

\({\text{CAPEXP}} \to {\text{PRIVEXP}}\)

INVEST

6.34559***

1.43587

1.47908

3.71925***

1.93285

_

\({\text{RGDP}} \to {\text{INVEST}}\)