Dependent Variable

Independent Variables

ECT_t−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)