Variable

Items

T

λ

k

α0

μ1

μ2

α2

α1

Debt

Coefficient

72

0.71

8

57.5992

79.4065

−74.3534

4.7782

13.6402

t-value

3.8937

3.3072

−1.4624

6.6699

6.7311

R

Coefficient

72

0.54

9

14.5268

−0.0852

−0.3019

−0.1329

2.5288

t-value

28.8042

−0.1166

−0.1973

−7.1953

4.3809

NX

Coefficient

72

0.71

16

−2.2868

−0.6244

2.9717

−0.1056

2.5648

t-value

−3.5943

−0.7214

1.4470

−5.2306

5.7016

HPI

Coefficient

72

0.54

14

84.1834

−9.7963

2.1913

0.6122

3.1770

t-value

47.5773

−3.5863

0.3957

9.1166

6.2784

GDP

Coefficient

72

0.10

4

63.6211

−0.8957

3.9201

1.8040

8.5603

t-value

8.2599

−0.1178

0.4480

13.6744

3.4058

CPI

Coefficient

72

0.15

6

90.7220

0.5554

2.1259

0.7632

2.4436

t-value

61.4758

0.3886

0.8591

43.2699

3.4969

U

Coefficient

72

0.21

8

7.6969

4.2986

−1.0096

−0.0970

2.2965

t-value

36.9812

13.7334

−1.4204

−17.4201

6.6533