Dependent variable, ln E X C t Regressors

Coefficients

T-ratio (p-value)

ln C O P t

−1.678

−6.623*** (0.000)

ln O R E V t

0.756

9.088*** (0.000)

ln G D P t

1.380

2.917*** (0.006)

Constant

−40.662

−2.510*** (0.017)

Short run estimation result

Dependent variable,

−0.637

−4.302*** (0.000)

0.287

2.760*** (0.009)

0.524

3.088*** (0.000)

Constant

−30.839

−2.746** (0.010)

ECM (−1)

−0.37

−3.459*** (0.001)

R2: 0.992, DW-statistic: 1.449, F-stat: 1002.840*** (0.000)