Johansen Trace Test: r = 0 49.83^***, r = 1 17.72^**

VECM coefficients

C

T

−0.327^***

1

−1.263^***

0.024

6.099^***

0.019^***

0.005

D_i20_t

−0.121^*

0.354^***

−0.139^***

0.223^***

0.105

0.516^***

0.065

0.059