Table 8 Dumitrescu–Hurlin panel causality test

EF

0.116

0.016**

1.216

0.117

(1.276)

(2.124)

(1.513)

(1.520)

OP

0.039***

1.038***

0.649***

0.514

(6.341)

(8.319)

(1.641)

0.126

GDP

1.073***

0.042

0.319

(1.118)

(3.074)

(1.719)

(0.927)

0.283

NRE

0.602**

0.137

0.281

0.014

(2.13)

(1.278)

(1.637)

(1.307)

RE

0.413

1.337

1.007

0.571

(1.217)

(1.009)

(1.211)

(0.995)