From: Fiscal dominance and exchange rate stability in Nigeria
VAR | Causality *\(Ho:x \to y\) | Lags | Test statistics | ||
---|---|---|---|---|---|
F-statistic | p values | Conclusion | |||
\({\Delta }budg\_def\), \({\Delta }e\), \({\Delta }public\_debt\), \(m2\_growth\), \(\inf r\) | \({\Delta }budg\_def \to {\Delta }e\) | 4 | 7.009* | 0.000 | Reject |
\({\Delta }e \to {\Delta }budg\_def\) | 4 | 4.676* | 0.002 | Reject | |
\({\Delta }e \to {\Delta }public\_debt\) | 4 | 1.832 | 0.126 | Fail to reject | |
\({\Delta }public\_debt \to {\Delta }e\) | 4 | 1.755 | 0.142 | Fail to reject | |
\({\Delta }budg\_def \to m2\_growth\) | 4 | 0.505 | 0.732 | Fail to reject | |
\(m2\_growth \to {\Delta }budg\_def\) | 4 | 0.551 | 0.698 | Fail to reject | |
\({\Delta }public\_debt \to m2\_growth\) | 4 | 1.574 | 0.185 | Fail to reject | |
\(m2\_growth \to {\Delta }public\_debt\) | 4 | 0.450 | 0.772 | Fail to reject | |
\(\inf r \to {\Delta }budg\_def\) | 4 | 1.743 | 0.144 | Fail to reject | |
\({\Delta }budg\_def \to \inf r\) | 4 | 0.361 | 0.836 | Fail to reject | |
\(\inf r \to {\Delta }public\_debt\) | 4 | 0.907 | 0.463 | Fail to reject | |
\({\Delta }public\_debt \to \inf r\) | 4 | 1.983 | 0.101 | Fail to reject |