LCPS(−1)

−0.311468

(0.06352)

[−4.90327]

LCIC(−1)

−0.621778

(0.07217)

[−8.61579]

C

−1.196502

Error Correction:

D(LM2)

D(EXR)

D(IFR)

D(LCPS)

D(LCIC)

CointEq1

−0.168001

29.26148

7.004815

−0.032957

0.097993

(0.09862)

(18.3111)

(6.25559)

(0.15080)

(0.17664)

[−1.70354]

[1.59802]

[1.11977]

[−0.21855]

[0.55475]

D(LM2(−1))

0.308855

16.46215

7.030901

0.473076

0.388552

(0.18265)

(33.9143)

(11.5861)

(0.27930)

(0.32717)

[1.69093]

[0.48540]

[0.60684]

[1.69380]

[1.18762]

D(EXR(−1))

−9.71E−05

0.235130

−0.000295

−0.000389

−0.000256

(0.00054)

(0.10104)

(0.03452)

(0.00083)

(0.00097)

[−0.17841]

[2.32717]

[−0.00853]

[−0.46719]

[−0.26308]

D(IFR(−1))

−0.000698

0.300454

0.455950

0.000757

−0.000895

(0.00144)

(0.26801)

(0.09156)

(0.00221)

(0.00259)

[−0.48351]

[1.12105]

[4.97976]

[0.34278]

[−0.34617]

D(LCPS(−1))

0.101315

14.36538

2.788954

−0.090789

0.165318

(0.07416)

(13.7701)

(4.70428)

(0.11340)

(0.13284)

[1.36613]

[1.04323]

[0.59285]

[−0.80058]

[1.24450]

D(LCIC(−1))

−0.321199

−17.22164

1.222886

−0.198273

−0.416171

(0.11086)

(20.5843)

(7.03219)

(0.16952)

(0.19857)

[−2.89729]

[−0.83664]

[0.17390]

[−1.16961]

[-2.09579]

C

0.043803

1.479145

−0.842567

0.042472

0.043393

(0.00896)

(1.66457)

(0.56867)

(0.01371)

(0.01606)

[4.88597]

[0.88861]

[−1.48166]

[3.09821]

[2.70230]

R-squared

0.158969

0.113110

0.244882

0.043725

0.078389

Adj. R-squared

0.104119

0.055269

0.195635

−0.018641

0.018284

Sum sq. resids

0.306563

10568.86

1233.496

0.716807

0.983565

S.E. equation

0.057725

10.71816

3.661634

0.088269

0.103397

F-statistic

2.898262

1.955539

4.972549

0.701098

1.304199

Log likelihood

145.5089

−371.6670

−265.3381

103.4645

87.80379

Akaike AIC

−2.798159

7.649839

5.501779

−1.948777

-1.632400

Schwarz SC

−2.614666

7.833332

5.685272

−1.765284

-1.448906

Mean dependent

0.049326

2.772241

−0.479259

0.050031

0.051413

S.D. dependent

0.060988

11.02722

4.082709

0.087457

0.104355