| Levels Equation | ||||
| Case 3: Unrestricted Constant and No Trend | ||||
| Model 2 | ||||
| Variable | Coefficient | Std. Error | t-Statistic | Prob. |
| LNTOTPENT | 0.155 | 0.285 | 0.542 | 0.599 |
| LNINTEREST | −0.703 | 0.310 | −2.265 | 0.045 |
| LNTRADEOP | 0.053 | 0.245 | 0.215 | 0.834 |
| LNGOVEXP | 0.666 | 0.095 | 6.974 | 0.000 |
| INF | 6.706 | 2.431 | 2.759 | 0.019 |