Table 10 Granger Causality Test: FR vs FDI for Global context.

From: Foreign direct investment and foreign reserves linkage: a global study based on wavelet coherence and granger causality

Classification

FR → FDI

FDI → FR

Causality Findings

Global

15.611**

3.195**

FR → FDI

Africa

19.921***

15.678*

FDI ↔ FR

Asia and Oceania

9.981**

4.101

FR → FDI

North America

21.152 **

8.021

FR → FDI

South America

12.287**

4.791

FR → FDI

  1. Source: Authors’ compilations.
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