Dependent Variable = lnCVC_t

Variable

Coefficient

Std. Error

t-Statistic

Prob.

lnFPR_t

75.427

46.803

1.611

0.111

lnOPR_t

−5.698^a

1.856

−3.070

0.003

C

−355.030

234.641

−1.513

0.135

Dependent Variable = ∆lnCVC_t

Variable

Coefficient

Std. Error

t-Statistic

Prob.

ΔlnFPR_t

3.227^a

1.188

2.715

0.008

ΔlnOPR_t

−0.243^a

0.044

−5.452

0.000

ECM (−1)

−0.042^a

0.012

−3.475

0.000