TABLE 10.

Asymmetric parameters of LSER.

Variables	Short-term coefficients	Std. Error	t-stat	Prob.
D(UKC_POS)	−0.00127	0.001661	−0.764723	0.4475
D(UKC_POS(-1))	0.022345***	0.003248	6.878603	0
D(UKC_NEG)	0.009267***	0.002137	4.337228	0.0001
D(UKD_POS)	−0.03503***	0.00746	−4.695883	0
D(UKD_POS(-1))	−0.090212***	0.014812	−6.090388	0
ECTt–1	−1.100754***	0.115104	−9.563147	0
R-Squared	0.651816
Adjusted R-squared	0.624182
Durbin-Watson stat	1.867108
Variables	Long-term coefficients	Std. Error	t-stat	Prob.
UKC_POS	−0.003609*	0.00191	−1.889866	0.0638
UKC_NEG	−0.003213	0.002112	−1.521044	0.1337
UKD_POS	0.075038**	0.02864	2.620078	0.0112
UKD_NEG	0.086022**	0.035056	2.453823	0.0172
C	−0.319529	0.353596	−0.903654	0.3699

*, **, and *** denote 10, 5, and 1% level of significance, respectively. Source: Author’s calculation.