Table 5 Granger- Causality Test: FR vs FDI for European Countries.
Country | FR → FDI | FDI → FR | Causality Findings |
|---|---|---|---|
Belarus | 19.245* | 8.573* | FDI ↔ FR |
Bulgaria | 17.321 | 2.987** | FDI → FR |
Croatia | 78.432* | 54.982** | FDI ↔ FR |
Cyprus | 2.357** | 98.731 | FR → FDI |
Czech Republic | 45.678 | 13.549** | FDI → FR |
Denmark | 82.357** | 42.108** | FDI ↔ FR |
France | 98.231 | 32.107** | FDI → FR |
Greece | 43.789*** | 0.53549* | FDI ↔ FR |
Hungary | 11.972 | 8.8243** | FDI → FR |
Italy | 12.531* | 5.0508*** | FDI ↔ FR |
Latvia | 3.3812* | 9.7213* | FR → FDI |
Malta | 17.931*** | 3.7778* | FDI ↔ FR |
Norway | 3.974** | 3.9135* | FDI ↔ FR |
Poland | 10.82** | 1.5306* | FDI ↔ FR |
Portugal | 6.076 | 3.3175** | FDI → FR |
Romania | 1.4212* | 4.7784 | FR → FDI |
Russia | 5.3404*** | 3.3789 | FR → FDI |
Slovak republic | 3.676** | 20.026 | FR → FDI |
Spain | 9.7213 | 6.4284*** | FDI → FR |
Switzerland | 30.711*** | 4.5072** | FDI ↔ FR |
Turkey | 15.806*** | 0.08937 | FR → FDI |
UK | 5.687** | 6.7852 | FR → FDI |
Ukraine | 3.7173* | 14.105 | FR → FDI |
