Table 7 The M-TVECM estimates
| Â | Model-1 | Model-2 | Model-3 | Model-4 |
|---|---|---|---|---|
∆NERt-3 |  | 0.102*** (0.060) | 0.114*** (0.060) | 0.117** (0.059) |
∆NERt-5 | 0.168* (0.059) | 0.212* (0.058) | 0.187* (0.058) | 0.222* (0.059) |
∆OPt | −0.037** (0.015) |  |  |  |
∆OPt-4 | −0.030*** (0.015) |  |  |  |
∆POt-1 |  | −0.045** (0.022) |  |  |
∆POt-4 |  | −0.037*** (0.021) |  |  |
∆RUBt-5 |  |  | −0.024 (0.020) |  |
∆NGt-3 |  |  |  | −0.063* (0.021) |
Break effect | 0.013 (0.025) | 0.008 (0.026) | 0.001 (0.030) | 0.002 (0.025) |
δ+ | −0.033** (0.014) | −0.036* (0.013) | − 0.037* (0.014) | −0.038* (0.014) |
δ− | −0.008 (0.013) | −0.009 (0.014) | − 0.009 (0.014) | −0.011 (0.015) |
Diagnostic tests | ||||
CUSUM | Stable | Stable | Stable | Stable |
\( {\chi}_{Serial}^2 \) | 2.663 [0.264] | 3.255 [0.196] | 2.534 [0.282] | 2.309 [0.315] |
R-square | 0.08 | 0.10 | 0.07 | 0.09 |
DW | 1.885 | 1.850 | 1.857 | 1.851 |