The idea of this paper is very interesting. However, the presentation in terms of english should be improved significantly, the literature review section should be significantly imporoved by explaining the banking theory regarding the variables used as well as the previous research on the similar topic which constitues/summarizes the author(s), topic, variables employed, and methods used and the results.
Regarding the methods, it is very interesting to use VECM which is very suitable for the time-series data. Since the data are panel data, please reconsider whether the VECM is still the best method instead of panel data analysis.

Therefore,considering all above circumstances,  I suggest that the paper is still not be able to published in the journal for this condition.

I hope that this result would not be and also hope that this working paper would be succesful in the next endeavour.