Variable

Coefficient

Std. Error

t-Statistic

Probability

LPIB(−1)

0.494055**

0.206260

2.395304

0.0284

LPIB(−2)

−0.484257*

0.245698

−1.970943

0.0652

INSTPOL

1.535334*

0.818071

1.876772

0.0778

INSTPOL(−1)

−0.007090

1.012762

−0.007002

0.9945

INSTPOL(−2)

2.201862**

0.944711

2.330723

0.0323

LINVST

0.244585*

0.133092

1.837717

0.0836

LINVST(−1)

0.222398

0.161268

1.379057

0.1858

LINVST(−2)

−0.333456**

0.123031

−2.710339

0.0149

LPOPUL

−118.8480***

38.64908

−3.075050

0.0069

LPOPUL(−1)

227.3170***

71.13981

3.195353

0.0053

LPOPUL(−2)

−107.1649***

33.47280

−3.201549

0.0052

LTBSP

−0.271740

0.187674

−1.447939

0.1658

C

−10.76942

6.764608

−1.592024

0.1298

Coefficient of determination (R2)

Adjusted coefficient of determination

Fisher statistic (F)

Probability

0.975628

0.958425

56.71119

0.000000