Table 17 Granger causality test.

From: Cyclical dynamics and co-movement of business, credit, and investment cycles: empirical evidence from India

Null hypothesis

p-value

Causality

GDP-NFGBC

0.0095

Bii-directional causality between non-food gross bank credit cycles and GDP cycles

NFGBC-GDP

0.0754

GDP-CREDIT

0.7120

No causality between private-sector credit cycles and GDP cycles

CREDIT-GDP

0.8815

GDP-CO-BRENT

0.5638

Uni-directional causality between crude oil (BRENT) cycles and GDP cycles

CO-BRENT-GDP

0.0808

GDP-BSE

0.5815

No causality between BSE cycles and GDP cycles

BSE-GDP

0.3955

GFCF-GDP

0.7513

No causality between gross fixed capital formation cycles and GDP cycles

GDP-GFCF

0.9334

MS-GDP

0.8170

No directional causality between mobile subscriber’s cycles and GDP cycles

GDP-MS

0.1717

MS-NFGBC

0.0537

Uni-directional causality between mobile subscribers’ cycles and non-food gross bank credit cycles

NFGBC-MS

0.4815

M3-GDP

0.1374

No causality between money supply cycles and GDP cycles

GDP-M3

0.3430

DTI-P

  
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