Short term

Variable explained Debt

Explanatory variables

D(cons) D(Inf) D(Inv)

0.8 −0.28 −0.28

(1.23) (−1.15) (−0.34)

Long term

Variable explained Debt

Cons Inf Inv

−2.07 −11 5.9

(−1.96) (−2.7) (2.8)