Finally, following the approach proposed by von Cramon-Taubadel and Loy (1996) to test for asymmetric price transmission, we split the ECT into positive and negative deviation from long-run equilibrium. As shown in Equation (7), splitting the ECT into positive and negative components allows one to identify if the speed at which prices are transmitted differs depending on whether prices are increasing or decreasing or, in other words, if price transmission is symmetric or asymmetric