Results of the VEC model
| Independent variables | Dependent variables | |
|---|---|---|
| BSE_Energy | Oil price | |
| ECT (−1) | −0.037981*** [−3.75466] | −0.00793*** [−2.59997] |
| D(BSE_Energy (−1)) | −0.101757 [−1.28673] | 0.005151** [ 2.16047] |
| D(BSE_Energy (−2)) | −0.105690 [−1.31278] | −0.001389 [ −0.57222] |
| D(oil price (−1)) | 4.420256* [1.64119] | 0.373086*** [4.59493] |
| D(oil price (−2) | 4.903409* [ 1.82352] | 0.088186 [1.08786] |
| C | 26.60736* [ 1.72106] | −0.085305 [−0.18303] |
| Independent variables | Dependent variables | |
|---|---|---|
| BSE_Energy | Oil price | |
| −0.037981 | −0.00793 | |
| −0.101757 [−1.28673] | 0.005151 | |
| −0.105690 [−1.31278] | −0.001389 [ −0.57222] | |
| 4.420256 | 0.373086 | |
| 4.903409 | 0.088186 [1.08786] | |
| 26.60736 | −0.085305 [−0.18303] | |
Notes:
*** Significant at 1% level; ** Significant at 5% level; * Significant at 10% level; [] t-values
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