Variable

Conditional Error Correction Regression

Coefficient

Std. Error

t-Statistic

Prob.

C

0.518620

0.126757

4.091435

0.0005

GDP (−1)*

−0.555860

0.128577

−4.323171

0.0003

GFC**

0.003506

0.001554

2.255222

0.0349

INFL (−1)

−0.002216

0.001765

−1.255642

0.2230

UNMPL (−1)

−0.005641

0.001643

−3.434010

0.0025

FDI**

0.000406

0.000209

1.944375

0.0654

D (INFL)

−0.000837

0.001195

−0.700200

0.4915

D (UNMPL)

−0.005526

0.001836

−3.009782

0.0067

D (UNMPL (−1))

0.004377

0.001724

2.538823

0.0191

Levels Equation

Case 3: Unrestricted Constant and No Trend

Variable

Coefficient

Std. Error

t-Statistic

Prob.

GFC

0.006307

0.002961

2.130047

0.0452

INFL

−0.003986

0.002790

−1.428853

0.1678

UNMPL

−0.010149

0.001276

−7.956164

0.0000

FDI

0.000730

0.000405

1.801186

0.0861