Regressor

Dependent variable: Growth rate of private consumption

Coefficient

t-statistic

Prob.

ΔIncome

0.473*

3.073

0.004

ΔWealth

0.162*

2.805

0.008

ΔGov. consumption

0.061

0.966

0.340

ΔInflation

−0.010

−1.225

0.228

ΔInterest rate

−0.005

−0.807

0.425

ECM (−1)

−0.424*

−3.277

0.002