Cointegrating Eq:

CointEq1

SSA_INFLR(−1)

1.000000

SSA_IMPR(−1)

0.206938

(0.04944)

[4.18524]

SSA_EXPR(−1)

−0.295493

(0.06037)

[−4.89468]

SSA_UER(−1)

2.004070

(0.33154)

[6.04471]

SSA_FDIR(−1)

2.221087

(0.38885)

[5.71197]

SSA_GSAVR(−1)

−0.238325

(0.04728)

[−5.04023]

C

−13.09300

Error Correction:

D(SSA_INFLR)

D(SSA_IMPR)

D(SSA_EXPR)

D(SSA_UER)

D(SSA_FDIR)

D(SSA_GSAVR)

CointEq1

−1.171633

−0.316814

1.251630

−0.057184

0.097288

0.294082

(0.41035)

(2.63640)

(2.25892)

(0.04915)

(0.13543)

(0.75210)

[−2.85519]

[−0.12017]

[0.55408]

[−1.16335]

[0.71835]

[0.39101]

D(SSA_INFLR(−1))

0.065636

−0.734235

−2.489388

0.004867

0.062287

−0.234725

(0.29192)

(1.87552)

(1.60698)

(0.03497)

(0.09635)

(0.53504)

[0.22484]

[−0.39148]

[−1.54911]

[0.13919]

[0.64649]

[−0.43870]

D(SSA_IMPR(−1))

0.114660

−0.193555

0.142702

−0.004352

−0.018944

−0.059142

(0.05076)

(0.32611)

(0.27942)

(0.00608)

(0.01675)

(0.09303)

[2.25894]

[−0.59353]

[0.51072]

[−0.71585]

[−1.13083]

[−0.63573]

D(SSA_EXPR(−1))

−0.087840

−0.342110

−0.234982

−0.007759

0.022502

0.003005

(0.06971)

(0.44786)

(0.38374)

(0.00835)

(0.02301)

(0.12776)

[−1.26010]

[−0.76387]

[−0.61235]

[−0.92919]

[0.97804]

[0.02352]