CointEq1

CointEq2

CointEq3

lpibhbt(−1)

1

−

−

ldep(−1)

−

1

−

lrecette(−1)

−

−

1

ldette(−1)

74.85***

2.044***

20.624***

limport(−1)

86.053*

2.112*

22.959*

Trend

−0.099

−0.003

−0.028

C

−574.586

−17.71

−156.371

Error Corrector

d(lpibhbt)

d(ldep)

Dlrecette

dldette

dlimport

cointEq1

0.002

−0.013

0.025**

0.181***

−0.025*

cointEq2

0.001

−0.251***

−0.046

0.521***

0.096***

cointEq3

−0.006

0.071

−0.088**

−0.722***

0.101**

dlpibhbt(−1)

−0.004

0.379*

0.406***

−1.386

0.409***

dlpibhbt(−2)

0.075

−0.041

0.043

−0.484

0.011

dldep(−1)

0.008

−0.025

0.065

−0.257

0.076

dldep(−2)

0.005**

−0.007

−0.008

−0.560**

0.088

dlrecette(−1)

0.019

−0.119

−0.215***

0.524

−0.141

dlrecette(−2)

0.047

0.113

−0.033

0.175

−0.096

dldette(−1)

−0.002

0.01

0.017

−0.332***

0.005

dldette(−2)

0.001

0.021

0.030***

−0.108*

0.018

dlimport(−1)

0.055**

−0.02

0.1

0.103

−0.096

dlimport(−2)

−0.039*

−0.015

0.143***

0.345

0.037

C

0.005**

−0.004

0.003

−0.046

−0.009

Dlfbcf

0.076***

0.085

0.130***

−0.593***

0.361***

Dlcredit

−0.004

0.065

0.054

−0.369*

−0.017

Infpib

−0.001

0.001

0.0004

0.009

0.002