Financial Innovation

Table 6 Multivariate VECM

From: Testing the relationship between financial sector output, employment and economic growth in North Cyprus

Independent variables
Dependent variables	ΔRGDP	ΔFI	ΔEMP	ECT_t-1
ΔRGDP(−1)	–	−0.001	0.076	−0.071^b
ΔRGDP(−1)	–	(−0.96)	(0.874)	(− 2.37)
ΔFI(−1)	− 0.596	–	10,033.11^a	0.025
ΔFI(−1)	(−1.19)		(5.47)	(1.161)
ΔEMP(−1)	−0.008^a	−5.76^a	–	−0.0000025^a
ΔEMP(−1)	(−2.71)	(−5.76)		(−5.34)

^{a, b & *}denotes rejection of the hypothesis at the 0.01, 0.05 & 0.10 levels

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