Short-run

∆LNGDP

∆ LNEP

∆ LNIMP

∆ LNINF

∆ LNGCF

∆LNGDP

0.33

(1.55)

0.92**

(−2.35)

2.02

(0.58)

0.19**

(2.03)

∆ LNEP

−0.09*

(−1.71)

0.08

(0.31)

1.11

(0.81)

0.02

(0.85)

∆ LNIMP

−0.01

(−0.08)

−0.002

(−0.005)

−1.90

(−1.29)

−0.08**

(−2.46)

∆ LNINF

0.05**

(2.55)

0.19*

(1.77)

0.16*

(1.89)

0.03***

(4.00)

∆ LNGCF

0.13

(0.33)

1.86

(0.97)

−2.24*

(−1.97)

0.99

(0.17)

Long-run

ECT01(−1)

−0.24*

(−1.90)

−0.31

(−0.54)

−0.38

(−0.85)

−1.43*

(−1.70)

−0.25***

(−4.24)

Diagnostic Tests

Jarque-Bera Normality Test

5.69

[0.060]

0.67

[0.715]

0.15

[0.929]

0.22

[0.895]

0.51

[0.775]

Breusch-Godfrey Serial Correlation LM Test

0.23

[0.873]

1.49

[0.264]

0.42

[0.743]

0.12

[0.949]

1.11

[0.382]

ARCH Heteroskedasticity Test

0.99

[0.412]

0.82

[0.596]

0.88

[0.464]

0.22

[0.878]

0.16

[0.920]

Stability CUSUM Test and

CUSUM of Square Test

Within the

bands

Within the

bands

Within the

bands

Within the

bands

Within the

bands