Panel A: Crude Oil (WTI) and Oil-Importing Countries | ||||||
| WTI | Turkey | Jordan | Egypt | Lebanon | |
| 0.272* (2.819) | 0.171* (2.418) | 0.135* (3.277) | 0.106*** (1.78) | 0.257* (3.625) | |
| 0.587** (2.200) | 0.765* (8.659) | 0.852* (28.35) | 0.734* (3.788) | 0.738* (12.987) | |
| 0.859 | 0.936 | 0.987 | 0.830 | 0.995 | |
logL | 201.4 | 160.7 | 303.6 | 176.8 | 289.8 | |
D-W | 1.65 | 2.11 | 2.00 | 1.84 | 1.99 | |
Panel B: Oil-Exporting Countries | ||||||
| Saudi | Bahrain | Kuwait | Qatar | Oman | Emirates |
| 0.225* (3.519) | 0.031*** (1.881) | 0.120*** (1.953) | 0.191* (3.235) | 0.198** (2.256) | 0.216* (4.336) |
| 0.769* (14.16) | 0.834* (4.443) | 0.612* (2.79) | 0.745* (10.32) | 0.570* (3.361) | 0.774* (17.18) |
| 0.994 | 0.865 | 0.732 | 0.936 | 0.768 | 0.990 |
logL | 233.8 | 285.3 | 287.3 | 222.4 | 277.9 | 105.2 |
D-W | 1.97 | 2.14 | 1.96 | 2.02 | 1.97 | 1.92 |