South Africa

Indian

$\Delta S{P}_{t-1}$

$\Delta G{P}_t^{+}$

$\Delta G{P}_t^{-}$

$\Delta G{P}_{t-1}^{-}$

$\Delta G{P}_t^{-}$

$ec{m}_{t-1}$

−0.137**

0.884***

5.585**

5.247**

--

−0.048***

---

0.153***

1.770***

0.555

1.670***

−0.059***

Long-run symmetric test

H₀ = symmetry

H₁ = asymmetry

t-statistic

F-Statistic

χ²-(1)

4.437***

19.687***

19.687***

4.859***

23.618***

23.618***