Error

Correction

D(mcr)

D(gdp)

D(tvtsr)

D(dctps)

D(gds)

D(inf)

Coint Equation (1)

0.062443*

−0.007074

0.078121

0.012620

−0.1627***

−0.1265***

[1.78912]

[−0.62431]

[1.38096]

[1.08520]

[−5.75975]

[−3.31911]

D (mcr(−1))

−0.005381

0.061006*

0.278592*

0.027661

0.23738***

0.24874**

[−0.05251]

[1.83387]

[1.67734]

[0.81014]

[2.86159]

[2.22250]

D (mcr(−2))

−0.000739

−0.040809

−0.054508

0.030906

0.25355***

0.202185*

[−0.00743]

[−1.26371]

[−0.33807]

[0.93247]

[3.14866]

[1.86097]

D (gdp(−1))

−0.213811

0.182298

0.009763

0.29308**

−0.75853**

−1.0896***

[−0.68320]

[1.79434]

[0.01925]

[2.81068]

[−2.99410]

[−3.18790]

D (gdp(−2))

0.563822*

0.011569

0.283398

−0.049400

−0.409551

0.610573*

[1.80916]

[0.11435]

[0.56103]

[−0.47573]

[−1.62337]

[1.79380]

D (tvtsr(−1))

−0.062063

0.03156**

−0.060431

0.03210**

−0.1962***

−0.048727

[−1.36156]

[2.13278]

[−0.81795]

[2.11368]

[−5.31632]

[−0.97876]

D (tvtsr(−2))

0.043302

0.008118

−0.1892***

0.017901

−0.1494***

0.013369

[0.95367]

[0.55074]

[−2.57111]

[1.18326]

[−4.06361]

[0.26958]

D (dctps(−1))

−0.343173

0.025284

−0.100835

0.217634**

−0.52990**

−0.237086

[−1.04;993]

[0.23828]

[−0.19033]

[1.99835]

[−2.00269]

[−0.66413]

D (dctps(−2))

−0.071762

0.019505

−0.528772

−0.117655

−0.040677

0.511571

[−0.23530]

[0.19700]

[−1.06967]

[−1.15781]

[−0.16476]

[1.53579]

D (gds(−1))

0.395145

0.000532

0.251967

0.014099

−0.4611***

0.201967*

[1.56033]

[0.01478]

[1.40074]

[0.38128]

[−5.13224]

[1.66625]

D (gds(−2))

0.139004

0.026662

−0.7080***

−0.030902

0.068200

0.150497

[1.24911]

[0.73802]

[−3.92489]

[−0.83342]

[0.75707]

[1.23823]

D (inf(−1))

−0.031659

−0.002954

−0.102816

−0.015198

0.140274**

−0.3968***

[−0.41928]

[−0.12049]

[−0.84009]

[−0.60408]

[2.29488]

[−4.81165]

D (inf(−2))

−0.036271

0.011733

−0.008054

−0.019086

0.084621

−0.3241***

[−0.53643]

[0.53450]

[−0.07348]

[−0.84717]

[1.54597]

[−4.38933]

C

−0.045728

0.06220***

0.070154

−0.000563

0.105339**

−0.018167

[−0.81139]

[3.39997]

[0.76798]

[−0.02998]

[2.30890]

[−0.29514]