Direction of VECM Causality

Dependent Variables

Short run

Long run

${\displaystyle \sum \Delta \ln CV{C}_t}$

${\displaystyle \sum \Delta \ln OP{R}_t}$

${\displaystyle \sum \Delta \ln FP{R}_t}$

$EC{T}_{t-1}$

$\Delta \ln CV{C}_t$

-

10.937^a (0.004)

0.292 (0.863)

−0.106^a (0.000)

$\Delta \ln OP{R}_t$

0.718 (0.698)

-

7.983^b (0.018)

−0.002 (0.824)

$\Delta \ln FP{R}_t$

0.508 (0.775)

0.240 (0.886)

-

−3.42E−06 (0.922)