PIIGS BETWEEN PIIGS COUNTRIES PORTUGAL: PSIG WITH ITALY: FTSEMIB

lxxxv INDONESIA: JKSE WITH CHINA: SSE Pairwise Granger Causality Tests Date: 052213 Time: 17:10 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. SSE does not Granger Cause JKSE 130 0.32155 0.7256 JKSE does not Granger Cause SSE 0.65968 0.5188

2. PIIGS BETWEEN PIIGS COUNTRIES PORTUGAL: PSIG WITH ITALY: FTSEMIB

Pairwise Granger Causality Tests Date: 052213 Time: 17:11 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. FTSEMIB does not Granger Cause PSIG 130 2.06146 0.1316 PSIG does not Granger Cause FTSEMIB 0.83901 0.4346 PORTUGAL: PSIG WITH IRELAND: ISEQ Pairwise Granger Causality Tests Date: 052213 Time: 17:11 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. ISEQ does not Granger Cause PSIG 130 2.43545 0.0917 PSIG does not Granger Cause ISEQ 1.96560 0.1444 lxxxvi PORTUGAL: PSIG WITH GREECE: ATHEX Pairwise Granger Causality Tests Date: 052213 Time: 17:12 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. ATHEX does not Granger Cause PSIG 130 0.44679 0.6407 PSIG does not Granger Cause ATHEX 3.03686 0.0515 PORTUGAL: PSIG WITH SPAIN: IBEX35 Pairwise Granger Causality Tests Date: 052213 Time: 17:12 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. IBEX35 does not Granger Cause PSIG 130 2.49039 0.0870 PSIG does not Granger Cause IBEX35 0.78577 0.4580 ITALY: FTSEMIB WITH IRELAND: ISEQ Pairwise Granger Causality Tests Date: 052213 Time: 17:13 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. ISEQ does not Granger Cause FTSEMIB 130 3.46848 0.0342 FTSEMIB does not Granger Cause ISEQ 2.22679 0.1121 ITALY: FTSEMIB WITH GREECE: ATHEX Pairwise Granger Causality Tests Date: 052213 Time: 17:13 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. ATHEX does not Granger Cause FTSEMIB 130 0.25649 0.7742 FTSEMIB does not Granger Cause ATHEX 2.35953 0.0987 lxxxvii ITALY: FTSEMIB WITH SPAIN IBEX35 Pairwise Granger Causality Tests Date: 052213 Time: 17:13 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. IBEX35 does not Granger Cause FTSEMIB 130 1.96641 0.1443 FTSEMIB does not Granger Cause IBEX35 0.19674 0.8217 IRELAND: ISEQ WITH GREECE: ATHEX Pairwise Granger Causality Tests Date: 052213 Time: 17:14 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. ATHEX does not Granger Cause ISEQ 130 1.67353 0.1918 ISEQ does not Granger Cause ATHEX 6.33919 0.0024 IRELAND: ISEQ WITH SPAIN: IBEX35 Pairwise Granger Causality Tests Date: 052213 Time: 17:14 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. IBEX35 does not Granger Cause ISEQ 130 2.61754 0.0770 ISEQ does not Granger Cause IBEX35 0.87327 0.4201 GREECE: ATHEX WITH SPAIN: IBEX35 Pairwise Granger Causality Tests Date: 052213 Time: 17:14 Sample: 2002M01 2012M12 Lags: 2 Null Hypothesis: Obs F-Statistic Prob. IBEX35 does not Granger Cause ATHEX 130 4.66808 0.0111 ATHEX does not Granger Cause IBEX35 1.65559 0.1951 lxxxviii

3. BRIIC BETWEEN PIIGS COUNTRIES BRAZIL: IBOVESPA WITH PORTUGAL: PSIG