Dependent Variable | Independent Variables | ECTt−1 Coefficient (T-Ratio) | |||||
χ2 Statistics (Source of Causation) | |||||||
ΔLFDI | ΔLCPI | ΔLXR | ΔLTWSE | ΔLIMP | ΔLBIT | ||
Equation (3a) ΔLFDI | − | 7.115** [0.028] | 0.364 [0.834] | 2.564 [0.277] | 2.299 [0.317] | 15.162*** [0.001] | −0.0168** (−2.0159) |
Equation (3b) ΔLCPI | 0.911 [0.634] | − | 3.295 [0.193] | 0.0.546 [0.761] | 3.059 [0.217] | 3.023 [0.220] | 0.0009 (0.1350) |
Equation (3c) ΔLXR | 5.172* [0.075] | 0.540 [0.763] | − | 3.154 [0.207] | 3.662 [0.160] | 2.833 [0.242] | −0.0001** (−1.7421) |
Equation (3d) ΔLTWSE | 4.964* [0.084] | 0.560 [0.756] | 3.789 [0.150] | − | 0.889 [0.641] | 0.780 [0.677] | 0.0003* (0.6593) |
Equation (3e) ΔLIMP | 0.743 [0.690] | 0.059 [0.971] | 1.837 [0.400] | 1.653 [0.437] | − | 71.553*** [0.002] | −0.0023** (−4.6251) |
Equation (3f) ΔLBIT | 0.471** [0.029] | 6.579** [0.037] | 2.984 [0.225] | 3.864 [0.145] | 0.850 [0.654] | − | 0.0947 (7.6090) |