Variables

Long run coefficient

Short run coefficient

Coef.

Std. Err.

z-stat.

Coef.

Std. Err.

z-stat.

GDP

1.690*

0.873

1.94

1.560*

0.278

5.62

RP

0.345*

0.143

2.42

0.318*

0.143

2.21

FDI

0.051

0.126

0.41

0.092**

0.054

1.70

REM

0.135*

0.053

2.55

0.072*

0.027

2.58

ECT

−0.732*

0.097

−7.53

Obs.

330

321

IPS

−11.768* [0.000]

−12.459* [0.000]

CADF

−4.785* [0.000]

−1.898* [0.029]

CD test

−1.25 [0.213]

−2.18 [0.029]