| Explanatory variables | Endogenic variables (idh) | |
| Long-term relationships | ||
| Coefficients | p-value | |
| ide (−1) | −1.003*** | 7.477 |
| exp (−1) | 0.1067** | 2.623 |
| imp (−1) | −0.1471*** | 3.999 |
| inv (−1) | 0.28441*** | 3.692 |
| GDP | 0.2623** | 2.132 |
| TCE9 | −0.0084** | 2.546 |
| Explanatory variables | Short-term relationships | |
| coefficients | coefficients | |
| Dide | −0.005*** | 2.437 |
| Dexp | −0.00155 | 1.46 |
| Dimp | −0.0008 | 0.795 |
| Dinv | 0.0020 | 1.56 |
| Dpib | −0.0006 | 0.643 |
| φ I | 0.0008*** | 4.616 |