| Levels Equation | ||||
| Case 3: Unrestricted Constant and No Trend | ||||
| Model 1 | ||||
| Variable | Coefficient | Std. Error | t-Statistic | Prob. |
| LNINSINVES | −0.134417 | 0.022562 | −5.957808 | 0.0000 |
| LNINTEREST | 0.348661 | 0.089843 | 3.880771 | 0.0015 |
| LNTRADEOP | 0.275352 | 0.112712 | 2.442980 | 0.0274 |
| LNGOVEXP | 1.050069 | 0.043419 | 24.18470 | 0.0000 |
| INF | −1.448992 | 0.416142 | −3.481967 | 0.0033 |