Error correction model | Δhdit | Δfdit | Δgovtspt | Δunemt | Δopent | Δdebtt | ∆cpit |
Constant | 0.0010*** | 0.4896 | 0.0102 | 0.0240* | 0.0697* | 0.5063 | 0.0123** |
Δhdit−1 | 0.8786** | −3.887 | 0.8303 | −11.962 | 2.0244 | −5.9381 | 3.4149 |
Δfdit−1 | 0.0003*** | 0.2406* | −0.0302** | −0.0916** | −0.0046 | −0.1017** | 0.0040*** |
Δgovtspt−1 | 0.0025*** | 3.5677 | 0.0344 | 0.7733 | 0.0031 | −1.8647 | 0.0858 |
Δunemt−1 | −0.0015*** | 0.5563 | 0.0411** | 0.4154 | 0.0499 | −1.8647 | 0.0858 |
Δopent−1 | −0.0061 | 1.7792 | −0.1297 | 0.3391 | 0.0986 | 1.6499 | 0.0886 |
Δdebtt−1 | −0.0015** | −0.2596 | −0.0132 | −0.07026** | −0.0461** | −0.3406 | −0.0242** |
Δcpit−1 | −0.0002** | 1.1229 | −0.1496 | 1.07392 | −1.0013 | 0.3778 | 0.2592 |
| −0.0517*** | 15.221 | −0.0418* | −3.2862** | 0.2059 | −12.1223* | −0.2337* |
R2 | 0.98 | 0.30 | 0.46 | 0.78 | 0.54 | 0.45 | 0.58 |