Table 3

Tests of Granger Causality Running from Financial Variables to GDP Growth

GROUP	Panel	CNOC		Panel	TV
		Lagged Y	Lagged X		Lagged Y	Lagged X
All Countries	Total	.558+ (.326)	.012 (.011)	Total	-.187 (.391)	.154 (.139)
	Between	.694** (.003)	.0004 (.0005)	Between	.740** (.003)	.009* (.005)
	Within	-.448 (.546)	.0016 (.0014)	Within	-.374 (.390)	.007 (.024)
Mature Markets	Total	.671** (.077)	-.005 (.009)	Total	.534** (.109)	.071 (.061)
	Between	.903** (.155)	.002 (.058)	Between	1.02** (.150)	.013 (.018)
	Within	.483** (.102)	-.003 (.01)	Within	.239 (.151)	.109 (.083)
Emerging Markets	Total	.557* (.326)	.001 (.001)	Total	-.188 (.392)	.152 (.151)
	Between	.693** (.002)	.0004 (.0004)	Between	.740** (.002)	.007 (.005)
	Within	-.455 (.555)	.0015 (.0014)	Within	.374 (.391)	-.027* (.014)

Standard errors are in parentheses

** = Significant at the 1% confidence level

* = Significant at the 5% confidence level

+ = Significant at the 10% confidence level