Direction of causality

Short run (F-statistics)

Long run ( $EC{T}_{t-1}$ )

$\ln OP{R}_t$ causes $\ln CV{C}_t$

At 1% level of significance

At 1% level of significance

$\ln FP{R}_t$ causes $\ln CV{C}_t$

NO

At 1% level of significance

$\ln CV{C}_t$ causes $\ln OP{R}_t$

NO

NO

$\ln FP{R}_t$ causes $\ln OP{R}_t$

At 5% level of significance

NO

$\ln CV{C}_t$ causes $\ln FP{R}_t$

NO

NO

$\ln OP{R}_t$ causes $\ln FP{R}_t$

NO

NO