|
Export prices
|
→ Thailand
|
→ Vietnam
|
→ Pakistan
|
→ U.S.
|
→ Argentina
|
|---|
|
Thailand →
|
x
|
28.277***
|
9.522
|
11.105*
|
2.322
|
|
(<0.001)
|
(0.146)
|
(0.085)
|
(0.888)
|
|
Vietnam →
|
18.652***
|
x
|
18.630***
|
12.127*
|
15.591**
|
|
(0.005)
|
(0.005)
|
(0.059)
|
(0.016)
|
|
Pakistan →
|
13.818**
|
17.082***
|
x
|
9.047
|
9.784
|
|
(0.032)
|
(0.009)
|
(0.171)
|
(0.134)
|
|
U.S. →
|
1.470
|
0.626
|
2.184
|
x
|
3.555
|
|
(0.962)
|
(0.996)
|
(0.902)
|
(0.737)
|
|
Argentina →
|
3.932
|
0.920
|
5.027
|
15.572**
|
x
|
| |
(0.686)
|
(0.989)
|
(0.540)
|
(0.016)
| |
-
d According to the Schwarz Information Criterion, the optimal number of lags is two, however six lags are required in order to ensure the error terms are not serially correlated therefore a VAR(6 + 1) model is specified. There are 154 observations. *, **, ***, signify a ten, five, and one percent level of significance for the Toda-Yamamoto causality tests.
