Table 13. Vector error correction model.

Error Correction:	Cointegration	Standard error	t-statistics	R-squared	F-statistic
D(GDPC)	-0.033	-0.01641	-2.04368	0.162128	26.05806
D(CEMIC)	2034.459	-209.35	9.71799	0.690684	300.7023
D(AIT)	1093653	-1525124	0.71709	0.049723	7.046426
D(CSE)	4.62E+08	-3.20E+07	14.2740	0.291235	55.33518
D(CR)	-0.002747	-0.00132	-2.08210	0.069086	9.994087

Source: Computation by authors. The lag length was selected by Schwarz Info criterion in cointegration restriction. Note: Please see, Table 2 for the variable’s definition