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Financial Innovation

Table 11 VECM causality test outcomes

From: The role of natural resources in financial expansion: evidence from Central Asia

 

∆FE

∆LNR

∆LNR2

∆YL

∆HD

∆INQ

ECTt − 1

∆FE

–

1.450

1.858

4.172

3.593

7.040*

− 0.018**

∆LNR

1.166

–

10.506

2.361

1.881

2.915

0.055

∆LNR2

2.458

9.902

–

3.347

2.279

1.612

2.182

∆YL

0.364

1.859

1.670

–

1.474

0.949

− 0.032

∆HD

2.872

0.898

2.299

7.355*

–

2.731

0.032

∆INQ

7.777*

8.462**

9.117

3.365

0.870

–

− 0.327

  1. **, *** refers that there is significance at 5% and 1% levels
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