Working Paper Series: Special Edition of 2016 to 2018 Interns

Table 4: Correlation Matrix

lgdp_pc psc lpost ctr gfc to gexp

lgdp_pc | 1.0000 psc 0.5941 1.0000 lpost 0.0601 -0.0883 1.0000 Ctr 0.2448 0.0559 0.3341 1.0000 gcf 0.5660 0.2432 -0.1082 0.1866 1.0000 to 0.1294 0.2444 -0.2525 -0.0536 -0.0482 1.0000 gexp -0.0464 -0.2046 -0.1887 0.3701 -0.0618 0.3639 1.0000 Source: Calculated by Author

Table 5: Granger Causality Test

Dependent Variables

lGDP_PC

lPOST

CTR

lGDP_PC

-

0.4596

0.1634

lPOST

0.7329

-

0.5717

CTR

0.6768

0.6382

-

Note: The null of no granger causality is rejected if the p-value is less than 0.05

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