| Long-run Estimated Model: | ||||||
| LTBAL = 1.000 LTBL−1 | −1.1155 LREER−1 | +1.57332 LM2−1 | −6.4205 LFY−1 | +45.3561 |
| |
|
|
| (0.65059) [−1.71458] | (0.57332) [2.73819] | (2.50730) [−2.56071] | (8.54371) [5.30871] |
|
| Short-run Estimated Error Correction Model: | ||||||
| DLTBAL = −0.73 ECT−1 | +0.006 DLTBAL−1 | −2.38 DLREER_1 | +1.46 DLM_1 | −3.63 DFY−1 | −0.85 | |
| (0.1425) [−5.1568] | (0.1257) [−0.0442] | (1.1497) [−2.0732] | (1.4407) [1.0114] | (3.1118) [−1.1665] | (0.2754) [−3.0779] | |