| Vector Error Correction Estimates |
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| Sample (adjusted): 9 112 |
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| Included observations: 99 after adjustments |
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| Standard errors in ( ) & t-statistics in [] |
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| Cointegrating Eq: | CointEq1 |
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| LM2(−1) | 1.000000 |
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| EXR(−1) | −0.000113 |
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| (0.00034) |
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| [−0.32737] |
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| IFR(−1) | −0.001102 |
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| (0.00100) |
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| [−1.10643] |
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