Table IV. The VECM Granger causality...

Table IV.

The VECM Granger causality analysis in Malaysia

Dependent variable	Direction of causality
	Short run		Long run
	ΔREV_t_–_i	ΔRATE_t_–_i $Δ R A T E_{t - i}^{2}$	ECT_t_–1
ΔREV_t_–_i		4.255^* [0.0597]	−0.001^*** (−3.527)
ΔRATE_t_–_i $Δ R A T E_{t - i}^{2}$	1.344 [0.295]		0.001 (2.201)

Dependentvariable	Direction of causality
ΔREV_t_–_i		4.255^* [0.0597]	−0.001^*** (−3.527)
ΔRATE_t_–_i $Δ R A T E_{t - i}^{2}$	1.344 [0.295]		0.001 (2.201)

Notes:

***

, and

are the significance level at 1, and 10%, respectively. The probability values are reported in the brackets, while the t-statistics are in the parenthesis

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