Independent Variables

Coefficient

Std. Error

t-Statistics

Probability

Cointegrating Form

D(VDLIPI)

16.1356

14.1312

1.1418

0.2545

D(VDLINT)

−2.4846

24.0569

−0.1033

0.9178

D(VDLCPI)

−15.0721

54.0001

−0.2791

0.7804

D(VDLEXR)

−0.5323

5.3113

−0.1002

0.9202

D(VDLM2)

−21.8343

52.8713

−0.4130

0.6799

D(VDLGDPRICE)

0.0930

0.3072

0.3029

0.7622

C

−0.0033

0.0006

−5.1986

0.0000

CointEq(−1)

−0.2911

0.0409

−7.1139

0.0000

Cointeq = VDLDSEGEN − (3.2256 * VDLIPI − 27.2636 * VDLINT + 55.4220 * VDLCPI + 4.8936 * VDLEXR − 4.0855 * VDLM2 − 0.0856 * VDLGDPRICE − 0.0114)

Long Run Coefficients

LIPI

3.225608

18.540106

0.173980

0.8620

LINT

−27.263562

55.472937

−0.491475

0.6235

LCPI

55.421955

43.320414

1.279350

0.2018

LEXR

4.893638

14.317226

0.341801

0.7327

LM2

−4.085459

27.190930

−0.150251

0.8807

LGDPRICE

−0.085621

1.666623

−0.051374

0.9591