Table 4.

Comparison of Vector Error Correction (VEC) model in different lags.

Endogenous variables	Exogenous variables#	Lag no.	Adjusted R-squared		Probability in Wald test		Stability
			Dependent variable		Dependent variable
			ΔLGDPSA	ΔLELECSA	ΔLGDPSA	ΔLELECSA
ΔLGDPSA ΔLELECSA	C ΔLTOURSA	1	0.0037	0.1195	0.7627	0.8134	Unstable
ΔLGDPSA ΔLELECSA	C		−0.03206	0.1329	0.2880	0.1653	Stable
ΔLGDPSA ΔLELECSA	C ΔLTOURSA	2	0.0357	0.0555	0.1036	0.6196	Unstable
ΔLGDPSA ΔLELECSA	C		−0.0049	0.0902	0.1684	0.3010	Stable
ΔLGDPSA ΔLELECSA	C ΔLTOURSA	3	0.0888	−0.1146	0.0349*	0.9829	Unstable
ΔLGDPSA ΔLELECSA	C		0.0617	−0.0034	0.0389*	0.7320	Stable

Notes: 1. In Wald test, * denotes the rejection of the null hypothesis at the 5 percent significance value. 2. In #, C represents a constant in exogenous variable.