| ECM | Y1 |
| Y2 |
| Y3 |
| Y4 |
| EC | −0.777 (1.193) |
| −0.600 (0.219) |
| 0.138 (0.436) |
| −1.181 (0.263) |
| Y1 (−1) | −0.412 (1.143) | Y2 (−1) | −0.468 (0.252) | Y3 (−1) | −0.214 (0.521) | Y4 (−1) | 0.629 (0.241) |
| Y1 (−2) | −0.343 (1.142) | Y2 (−2) | −0.555 (0.310) | Y3 (−2) | −0.630 (0.601) | Y4 (−2) | 0. 600 (0.266) |
| Y1 (−3) | −0.388 (1.051) | Y2 (−3) | −0.461 (0.331) | Y3 (−3) | 0.010 (0.447) | Y4 (−3) | 0.955 (0.278) |
| Y1 (−4) | −0.223 (0.906) | Y2 (−4) | −0.146 (0.323) | Y3 (−4) | −0.613 (0.435) | Y4 (−4) | 0.687 (0.254) |
| Y1 (−5) | −0.269 (0.717) | Y2 (−5) | −0.220 (0.344) | Y3 (−5) | 0.490 (0.355) | Y4 (−5) | 0.407 (0.211) |
| Y1 (−6) | 0.032 (0.551) | Y2 (−6) | 0.014 (0.305) | Y3 (−6) | −0.250 (0.335) | Y4 (−6) | 0.028 (0.225) |
| Y1 (−7) | 0.197 (0.343) | Y2 (−7) | −0.150 (0.259) | Y3 (−7) | 0.906 (0.398) |
|
|
| X11 (−1) | −1.702 (1.419) |
| −1.048 (0.473) |
| −0.001 (0.021) |
| −0.135 (0.036) |
| X11 (−2) | −0.680 (1.173) |
| −0.095 (0.457) |
| 0.016 (0.027) |
| −0.115 (0.038) |
| X11 (−3) | 0.108 (0.869) |
| −0.212 (0.448) |
| −0.048 (0.024) |
| −0.059 (0.026) |
| X11 (−4) | −1.049 (0.860) |
| −0.156 (0.411) |
| 0.033 (0.025) |
| −0.079 (0.029) |
| X11 (−5) | −0.806 (0.753) |
| −0.116 (0.386) |
| −0.035 (0.023) |
| −0.025 (0.022) |
| X11 (−6) | −1. 600 (0.719) |
| 0.135 (0.314) |
| 0.023 (0.017) |
| −0.011 (0.019) |
| X11 (−7) | 0.699 (0.732) |
| 0.577 (0.293) |
| −0.032 (0.017) |
|
|
| X12 (−1) | 0.073 (0.144) |
| −0.037 (0.069) |
| −0.002 (0.015) |
| 0.048 (0.012) |
| X12 (−2) | 0.346 (0.170) |
| 0.066 (0.076) |
| −0.001 (0.014) |
| 0.041 (0.011) |
| X12 (−3) | 0.498 (0.198) |
| 0.020 (0.074) |
| −0.007 (0.012) |
| 0.041 (0.010) |
| X12 (−4) | 0.554 (0.240) |
| −0.135 (0.071) |
| −0.002 (0.011) |
| 0.044 (0.009) |
| X12 (−5) | 0.399 (0.290) |
| −0.182 (0.096) |
| −0.006 (0.010) |
| 0.035 (0.009) |
| X12 (−6) | 0.282 (0.283) |
| −0.163 (0.099) |
| −0.002 (0.007) |
| 0.023 (0.009) |
| X12 (−7) | −0.105 (0.219) |
| −0.090 (0.090) |
| 0.014 (0.007) |
|
|
| X13 (−1) | −0.383 (0.669) |
| −0.455 (0.212) |
| −0.011 (0.010) |
| −0.071 (0.016) |
| X13 (−2) | −0.429 (0.485) |
| −0.362 (0.173) |
| 0.010 (0.010) |
| −0.066 (0.016) |
| X13 (−3) | −0.488 (0.437) |
| −0.379 (0.166) |
| −0.002 (0.010) |
| −0.055 (0.015) |
| X13 (−4) | −0.844 (0.379) |
| −0.268 (0.157) |
| 0.008 (0.010) |
| −0.043 (0.012) |
| X13 (−5) | −0.733 (0.380) |
| −0.071 (0.143) |
| 0.006 (0.008) |
| −0.025 (0.010) |
| X13 (−6) | −0.632 (0.373) |
| −0.013 (0.140) |
| 0.015 (0.008) |
| −0.021 (0.009) |
| X13 (−7) | −0.028 (0.332) |
| 0.086 (0.111) |
| −0.013 (0.008) |
|
|
| C | 0.0920 (0.070) |
| 0.040 (0.025) |
| 0.002 (0.002) |
| 0.002 (0.002) |
| R-squared | 0.876 |
| 0.852 |
| 0.821 |
| 0.787 |
| Adj. R-squared | 0.512 |
| 0.422 |
| 0.300 |
| 0.433 |
| Sum sq. resids | 0.516 |
| 0.125 |
| 0.001 |
| 0.001 |
| S.E. equation | 0.227 |
| 0.112 |
| 0.006 |
| 0.007 |
| F-statistic | 2.438 |
| 1.983 |
| 1.577 |
| 2.223 |
| Log likelihood | 30.257 |
| 58.704 |
| 178.533 |
| 163.320 |
| Akaike AIC | −0.013 |
| −1.435 |
| −7.427 |
| −6.699 |
| Schwarz SC | 1.254 |
| −0.169 |
| −6.160 |
| −5.612 |
| Mean dependent | 0.013 |
| 0.006 |
| 0.001 |
| 0.002 |
| S.D. dependent | 0.327 |
| 0.147 |
| 0.007 |
| 0.010 |