| Z Statistics | p-Value | Z-Consistent Statistics | p-Value | |
| spread | 5.04 | 0.00 | 12.36 | 0.00 |
| lpcgdp | 3.91 | 0.00 | 3.56 | 0.00 |
| exchange rate | 5.28 | 0.00 | 4.70 | 0.00 |
| interest rate | 5.38 | 0.00 | 28.53 | 0.00 |
| EFW | 3.29 | 0.00 | 3.25 | 0.00 |
| EFW3 | 4.20 | 0.00 | 4.31 | 0.00 |
| EFW5 | 4.19 | 0.00 | 9.60 | 0.00 |