Coefficient Std. Error t-Statistic Prob.

ECT Eqn −0.325535 0.284323 −1.144946 0.2657

D(lnGCEx(−1)) −0.156885 0.380345 −0.412482 0.6844

D(lnGCP(−1)) 0.470258 0.514050 0.914811 0.3712

D(lnWCEx(−1)) −1.072070 0.795461 −1.347733 0.1928

D(lnWCP(−1)) −0.342941 1.380056 −0.248498 0.8063

D(lnWCPx(−1)) −0.203057 0.292418 −0.694406 0.4954

D(lnGDPgr(−1)) 0.226595 0.177619 1.275738 0.2167

D(lnRER(−1)) −0.182625 0.404336 −0.451667 0.6564

C 0.037900 0.038348 0.988320 0.3348

R-squared 0.477861 Mean dependent var 0.014701

Adjusted R-squared 0.269006 S.D. dependent var 0.129815

S.E. of regression 0.110990 Akaike info criterion −1.309635

Sum squared resid 0.246374 Schwarz criterion −0.885302

Log likelihood 27.98971 Hannan-Quinn criter. −1.176739

F-statistic 2.288000 Durbin-Watson sta 2.208472

Prob(F-statistic) 0.063776