Cointegrating Eq:

ECT(−1)

LM2(−1)

1.000000

EXR(−1)

−0.000113

(0.00034)

[−0.32737]

IFR(−1)

−0.001102

(0.00100)

[−1.10643]

LCPS(−1)

−0.311468

(0.06352)

[−4.90327]^a

LCIC(−1)

−0.621778

(0.07217)

[−8.61579]^a

C

−1.196502