Regressor

Coefficient

Standard Error

t-statistics

Probability

ΔlnEx (−1)

−0.20326

0.12161

−1.67142

0.0987

ΔlnEx (−2)

0.082113

0.118019

0.695759

0.4887

ΔlnEx (−3)

−0.26041

0.099476

−2.61778

0.0107

ΔlnRp

−0.45415

0.496754

−0.91423

0.3634

ΔlnRp (−1)

−1.06246

0.511487

−2.0772

0.0411

ΔlnFy

3.416802

1.398626

2.442971

0.0169

ΔlnFy (−1)

3.310503

1.441088

2.297226

0.0243

ΔlnErate

−0.20884

0.092479

−2.25828

0.0268

ECM_t−1

−0.46022

0.127534

−3.60856

0.0005