;"Short-run causality";"Direction of short-run causality"
Brazil;;
China;"ΔGFCF --> ΔPCI";+
India;"ΔM --> ΔPCI";+
"ΔM --> ΔX";+
Russia;"ΔGFCF --> ΔX";+
"South Africa";"ΔGFCF <--> ΔPCI";+
"ΔPCI --> ΔM";+
"ΔGFCF --> ΔM";+