| Variables | Short run causality (F-stats) | Long-run causality (ECTt-stats) | Joint short- & long-run causality (F-stats) | ||||
| ∆LGDPNON | ∆LREVOIL | ∆LEXP | ∆LGDPNON & ECT | ∆LREVOIL & ECT | ∆LEXP & ECT | ||
| ∆LGDPNON | - | 4.493*** | 3.555*** | −0.171* | - | 4.059*** | 3.233*** |
| ∆LREVOIL | 0.431 | - | 0.783 | 0.202 | 0.390 | - | 0.706 |
| ∆LEXP | 0.481 | 1.063 | - | 0.885* | 0.882 | 1.207 | - |