Table 8 The empirical findings based on the vector error correction model

ECM (− 1)

− 0.954 (0.025)

− 10,094.540 (0.009)

− 309.325 (0.050)

− 0.190 (0.090)

Δ(EP (− 1))

0.057 (0.092)

2040.003 (0.085)

− 151.420 (0.054)

0.357 (0.003)

Δ(EG_R (− 1))

− 2.2 × 10³ (0.075)

0.547 (0.000)

0.233 (0.042)

0.577 (0.052)

Δ(EU_A (− 1))

0.009 (0.095)

7.294 (0.010)

− 0.403 (0.035)

0.395 (0.035)

Δ(HC_IN (− 1))

0.0127 (0.006)

4.837 (0.008)

0.829 (0.015)

0.019 (0.013)

C

3.470 (0.049)

− 7806.684 (0.090)

4122.740 (0.000)

5.698 (0.000)

R-squared

0.925

0.895

0.524

0.859

Adj. R-squared

0.953

0.886

0.520

0.841

F-statistics

43.316

78.035

38.974

41.192