| Source of causation (independent variables) | |||||
| Short-run | Long-run | Joint (short-run/long-run) | |||
| χ2-statistics | t-statistics | F-statistics | |||
| ΔLEC | ΔLGDP | ECT | ΔLEC/ECT | ΔGDP/ECT | |
| ΔLEC | 1.116 | −0.199* | 5.640** | ||
| ΔLGDP | 9.527* | −0.358* | 11.962* | ||