Variable

Mean

Std.

Skw.

Kurt.

J-B stat.

Autocorrelation

Heteroscedasticity

$k=30$

$k=60$

$k=90$

$k=30$

$k=60$

$k=90$

$p_t^{br}$

3.974

0.587

−0.353

2.19

46.9***

118.25***

154.44***

179.03***

1.381*

1.352**

1.791***

$p_t^{wti}$

3.96

0.533

−0.377

2.234

46.98***

127.49***

157.15***

185.98***

1.591**

1.194

1.332**

$s_t$

Bahrain

7.355

0.286

0.583

2.135

60.41***

259.13***

295.88***

365.74***

3.132***

1.727***

1.508***

Kuwait

8.552

0.682

−0.788

2.48

111.8***

103.24***

125.25***

138.7***

0.128

1.063

0.937

Oman

8.391

0.513

−0.626

2.177

91.23***

165.4***

204.52***

213.57***

0.508

0.274

0.301

Qatar

8.633

0.779

−0.973

2.434

167.2***

146.66***

176.25***

220.01***

1.542**

0.777

0.725

Saudi Arabia

8.632

0.598

−0.631

2.595

71.29***

70.499***

101.24***

121.09**

0.300

0.231

0.416

United Arab Emirate

8.025

0.421

−0.6

2.454

60.24***

27.802

38.097

55.577

0.031

0.032

0.109