Table 26. Ghana. Tests for Granger causality (monthly data)

sample: Jan 1965 - May 2001

GHMZWS

GHMZWS(-1)

GHMZWS(-2)

GHMZWS(-7)

GHMZWS(-8)

GHMZWS(-11)

GHMZWS(-12)

1.15

-0.18

0.16

-0.22

0.32

-0.28

24.58

-2.52

2.32

-3.15

4.56

-5.92

WRMZRP

GHMZWS(-1)

WRMZRP(-1)

0.03

0.98

2.27

85.58

sample: Jan 1967 - May 2001

GHSHWS

GHSHWS(-1)

GHSHWS(-2)

GHSHWS(-3)

0.58

0.25

0.12

11.81

4.54

2.43

WRSHRP

WRSHRP(-1)

0.96

69.58

sample: Jan 1965 - May 2001

GHGRWS

GHGRWS(-1)

GHGRWS(-6)

GHGRWS(-12)

WRGRRP(-2)

1.02

0.31

-0.16

0.24

20.91

4.07

-2.51

2.05

WRGRRP

WRGRRP(-1)

WRGRRP(-2)

1.23

-0.30

26.19

-6.30

sample: Jan 1990 - May 2001

GHMZRT

GHMZRT(-1)

GHMZRT(-2)

1.56

-1.00

9.26

-4.04

GHMZWS

GHMZWS(-1)

GHMZRT(-1)

GHMZRT(-2)

0.73

0.72

-0.98

4.35

3.83

-3.53

sample: Jan 1990 - May 2001

GHSHRT

GHSHWS(-1)

GHSHRT(-1)

0.08

0.82

2.33

16.17

GHSHWS

GHSHWS(-1)

GHSHRT(-1)

0.32

0.59

3.79

4.52

sample: Jan 1990 - May 2001

GHPOWS

GHPORT(-1)

GHPORT(-3)

GHPORT(-4)

0.77

0.47

-0.59

4.73

2.49

-3.07

GHPORT

GHPORT(-1)

GHPORT(-3)

GHPORT(-4)

GHPOWS(-1)

0.69

0.24

-0.42

0.15

7.84

2.39

-4.00

3.03

sample: Jan 1990 - May 2001

GHCSRT

GHCSRT(-1)

GHCSRT(-2)

GHCSWS(-1)

0.32

0.25

0.28

3.66

3.00

3.76

GHCSWS

GHCSRT(-2)

GHCSWS(-1)

0.24

0.61

2.85

8.03

sample: Jan 1990 - May 2001

GHRI1RT

GHRI1RT(-1)

GHRI1RT(-2)

0.52

0.32

6.02

3.58

GHRI1WS

GHRI1RT(-1)

GHRI1WS(-1)

0.17

0.69