Table 9 The results of Granger causality test

LNGLOB does not Granger Cause LNLEX

3.483^a

0.074

Unidirectional causality from GLOB to LEX

LNLEX does not Granger Cause LNGLOB

0.922

0.346

LNRE does not Granger Cause LNLEX

1.245

0.275

Unidirectional causality from LEX to RE

LNLEX does not Granger Cause LNRE

19.482^c

0.0002

LNNRE does not Granger Cause LNLEX

6.239^b

0.0194

Unidirectional causality from NRE to LEX

LNLEX does not Granger Cause LNNRE

0.163

0.6894

LNICT does not Granger Cause LNLEX

6.383^b

0.018

Unidirectional causality from ICT to LEX

LNLEX does not Granger Cause LNICT

0.499

0.487

LNGDPC does not Granger Cause LNLEX

1.578

0.221

Unidirectional causality from LEX to GDPC

LNLEX does not Granger Cause LNGDPC

5.275^b

0.030

LNEDU does not Granger Cause LNLEX

4.901^b

0.036

Unidirectional causality from EDU to LEX

LNLEX does not Granger Cause LNEDU

0.052

0.822

LNFD does not Granger Cause LNLEX

1.410

0.246

No causality

LNLEX does not Granger Cause LNFD

0.164

0.689