Research Article
Impact of Environmental Fluctuations on Stock Markets: Empirical Evidence from South Asia
Table 3
Summary statistics for granger causality test.
| | Null hypothesis | χ2 | Lag | p value | Null Hypothesis | χ2 | Lag | p value |
| | B.D. ≠> IND | 0.21 | 1 | 0.02 | PAK ≠> BD | 0.43 | 1 | 0.23 | | BD ≠> PAK | 0.41 | 1 | 0.41 | PAK ≠> IND | 0.45 | 1 | 0.01 | | BD ≠> oil | 0.24 | 1 | 0.001 | PAK ≠> oil | 1.65 | 1 | 0.001 | | IND ≠> BD | 1.24 | 1 | 0.01 | Oil ≠> BD | 3.45 | 1 | 0.04 | | IND ≠> PAK | 0.43 | 1 | 0.21 | Oil ≠> IND | 0.90 | 1 | 0.001 | | IND ≠> oil | 1.45 | 1 | 0.001 | Oil ≠> PAK | 3.54 | 1 | 0.001 |
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Notes: “≠>” means “does not Granger-cause.” the Schwarz information criterion (SIC) is used. , , and to indicate a rejection of the null hypothesis. |
