Table 7 Long-run relations and symmetry...

Table 7

Long-run relations and symmetry results

Panel A: Long run coefficients
Variables	Coefficient	p-value
Constant	−0.86*	0.01
${GU}^{+}$	−0.39*	0.024
${GU}^{-}$	−0.040*	0.00
${FS}^{+}$	−0.08*	0.02
${FS}^{-}$	−0.051*	0.00
$S$	−0.06*	0.01
$S^{-}$	0.048*	0.00

Panel A: Long run coefficients
Constant	−0.86*	0.01
${GU}^{+}$	−0.39*	0.024
${GU}^{-}$	−0.040*	0.00
${FS}^{+}$	−0.08*	0.02
${FS}^{-}$	−0.051*	0.00
$S$	−0.06*	0.01
$S^{-}$	0.048*	0.00

Symmetry results Wald tests
Long-run symmetry Wald statistics		The characteristic of the relationship	Short-run symmetry Wald statistics		The characteristic of the relationship
$W_{LR, GU}$	4.78 (0.002)	Asymmetry	$W_{SR, GU}$	5.55 (0.001)	Asymmetry
$W_{LR, FS}$	12.78 (0.004)		$W_{SR, FS}$	2.3 (0.12)	No asymmetry
$W_{LR, S}$	6.18 (0.001)		$W_{SR, S}$	7.18 (0.001)	Asymmetry

Symmetry results Wald tests
Long-run symmetry Wald statistics		The characteristic of the relationship	Short-run symmetry Wald statistics		The characteristic of the relationship
$W_{LR, GU}$	4.78 (0.002)	Asymmetry	$W_{SR, GU}$	5.55 (0.001)	Asymmetry
$W_{LR, FS}$	12.78 (0.004)		$W_{SR, FS}$	2.3 (0.12)	No asymmetry
$W_{LR, S}$	6.18 (0.001)		$W_{SR, S}$	7.18 (0.001)	Asymmetry

Note(s): $W_{LR, GU}$ ⁠, $W_{LR, FS} and W_{LR, S}$ refer to the Wald test (Null Hypothesis) of asymmetry for the long run for the respective variables, similarly $W_{SR, GU}, W_{SR, FS}$ and $W_{SR, S}$ refer to the Wald test (Null Hypothesis) of asymmetry for the short run for the respective explanatory variables

Source(s): Compilation: Author

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