Cointegrating Eq:

CointEq1

G20_INFLR(−1)

1.000000

G20_IMPR(−1)

1.633429

(0.10338)

[15.8003]

G20_EXPR(−1)

−2.245158

(0.12471)

[−18.0034]

G20_UER(−1)

−4.751397

(0.37209)

[−12.7694]

G20_FDIR(−1)

−0.789211

(0.17881)

[−4.41371]

G20_GSAVR(−1)

−4.564901

(0.29340)

[−15.5588]

C

148.6754

Error Correction:

D(G20_INFLR)

D(G20_IMPR)

D(G20_EXPR)

D(G20_UER)

D(G20_FDIR)

D(G20_GSAVR)

CointEq1

−0.413823

0.548314

0.519291

−0.007024

−0.041499

0.026546

(0.10144)

(0.75279)

(0.55926)

(0.05951)

(0.06720)

(0.09612)

[−4.07936]

[0.72837]

[0.92854]

[−0.11803]

[−0.61756]

[0.27618]

D(G20_INFLR(−1))

−0.303608

−0.999052

−0.601338

0.042117

0.038443

−0.130220

(0.18127)

(1.34515)

(0.99932)

(0.10634)

(0.12007)

(0.17175)

[−1.67494]

[−0.74271]

[−0.60175]

[0.39606]

[0.32016]

[−0.75819]

D(G20_IMPR(−1))

0.358260

−0.040383

0.094984

−0.011233

0.043105

0.129273

(0.17759)

(1.31784)

(0.97903)

(0.10418)

(0.11764)

(0.16826)

[2.01739]

[−0.03064]

[0.09702]

[−0.10782]

[0.36643]

[0.76828]

D(G20_EXPR(−1))

−0.373140

0.137086

−0.074054

0.011045

−0.048770

−0.112331

(0.22867)

(1.69693)

(1.26066)

(0.13415)

(0.15148)

(0.21667)

[−1.63178]

[0.08078]

[−0.05874]

[0.08234]

[−0.32196]

[−0.51845]

D(G20_UER(−1))

−1.920714

10.33801

6.677376

−0.350338

0.032457

−0.114525

(0.89130)

(6.61419)

(4.91373)

(0.52288)

(0.59041)

(0.84451)

[−2.15496]

[1.56300]

[1.35892]

[−0.67001]

[0.05497]

[−0.13561]

D(G20_FDIR(−1))

−1.260999

3.300690

2.087392

−0.589382

0.242055

0.106050

(0.66178)

(4.91097)

(3.64839)

(0.38824)

(0.43838)

(0.62704)

[−1.90547]

[0.67211]

[0.57214]

[−1.51810]

[0.55216]

[0.16913]

D(G20_GSAVR(−1))

−1.400896

−4.104616

−3.095127

0.137341

−0.388135

−0.673223

(0.47170)

(3.50040)

(2.60047)

(0.27672)

(0.31246)

(0.44694)

[−2.96991]

[−1.17261]

[−1.19022]

[0.49631]

[−1.24219]

[−1.50630]

C

−0.627830

0.253668

0.007480

−0.034127

−0.024316

0.074658

(0.24931)

(1.85006)

(1.37442)

(0.14626)

(0.16514)

(0.23622)

[−2.51832]

[0.13711]

[0.00544]

[−0.23334]

[−0.14724]

[0.31606]