Error correction

D(LN_EMP)

D(LN_GDP)

D(LN_INVT)

D(LN_TOU)

D(LN_INF)

D(FIN)

CointEq1

−0.410451^*

−0.014831^*

−1.781407^*

−0.189414^*

0.061807

0.588423

D(LN_EMP(−1))

−0.690854

−0.048341

−0.142934

0.377107

0.081426^*

0.413171

D(LN_GDP(−1))

0.563696

0.284305

2.187022

−0.188521

0.022431

1.643779

D(LN_INVT(−1))

0.156256^**

−0.058360^**

0.331966

0.006101^**

0.001488^**

0.147666

D(LN_TOU(−1))

0.406979^*

0.241586^*

−3.378735

0.258945

0.127707

−2.997072

D(LN_INF(−1))

−1.848853

0.880336

−0.544751

0.766838

0.188946

4.020261

D(FIN(−1))

−0.209460

0.018541

−0.243621

0.023731^**

−0.004513^**

−0.130121

Constant

0.154188^**

−0.017198^**

0.204161

−0.011770^***

0.032478^***

−0.118322

R-squared

0.514442

0.258644

0.607537

0.405573

0.592828

0.391015