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Table 7 Correlation analysis results.

From: Investigating the relationship between changes in oil prices and unemployment rate in Nigeria: linear and nonlinear autoregressive distributed lag approaches

Brent oil price–unemployment nexus model

Variables

lunempl

lropbrt

lrgdp

lcpi

lrate

fdi

lunempl

1.000

     

lropbrt

0.349***

(0.000)

1.000

    

lrgdp

0.861***

(0.000)

0.388***

(0.000)

1.000

   

lcpi

0.775***

(0.000)

0.012

(0.883)

0.874***

(0.000)

1.000

  

lrate

0.057

(0.474)

− 0.578***

(0.000)

0.138*

(0.082)

0.439***

(0.000)

1.000

 

fdi

− 0.019

(0.812)

− 0.278***

(0.000)

0.059

(0.456)

0.246***

(0.002)

0.595***

(0.000)

1.000

WTI oil price–unemployment nexus model

 

lunempl

lropwtI

lrgdp

lcpi

lrate

fdi

lunempl

1.000

     

lrwti

0.547***

(0.000)

1.000

    

lrgdp

0.872***

(0.000)

0.479***

(0.000)

1.000

   

lcpi

0.742***

(0.000)

0.229***

(0.005)

0.908***

(0.000)

1.000

  

lrate

− 0.151*

(0.067)

− 0.481***

(0.000)

0.043

(0.604)

0.258***

(0.002)

1.000

 

fdi

− 0.173**

(0.035)

− 0.140*

(0.089)

− 0.006

(0.943)

0.098

(0.237)

0.538***

(0.000)

1.000

  1. ***p < 0.01; **p < 0.05; *p < 0.1