Dep. Var

Independent variables

Inferences

Y

LFP

GCF

MDL

CPI

ECT

Y

LFP

GCF

MDL

CPI

Y

-

8.419778***

2.469995

0.099294

0.274741

12.25822*

N

X

N

N

N

LFP

12.2069*

-

4.370929

0.110837

0.516652

15.0261**

X

N

N

N

N

.GCF

3.769209

4.323487

-

0.514526

0.529769

6.699529

N

N

N

N

N

MDLN

5.870469**

7.03527**

3.680091

-

15.6691***

23.87051*

X

X

N

N

X

CPI

14.81459***

16.34890*

5.072941**

0.612418

-

26.07421*

X

X

X

N

N