Error Correction | D(mcr) | D(gdp) | D(dctps) | D(tvtsr) | D(gds) |
Coint Equation (1) | 0.090704*** | −0.009454 | 0.018275 | 0.076892 | −0.17242*** |
| [2.54608] | [−0.81558] | [1.57525] | [1.27238] | [−5.69064] |
D (mcr(−1)) | −0.029332 | 0.058502* | 0.008927 | 0.231839 | 0.27202*** |
| [−0.29848] | [1.82964] | [0.27894] | [1.39075] | [3.25458] |
D (mcr(−2)) | −0.012779 | 0.050093* | 0.021313 | −0.029424 | 0.23068*** |
| [−0.13980] | [1.68438] | [0.71605] | [−0.18977] | [2.96731] |
D (gdp(−1)) | −0.064038 | 0.211972** | 0.29610*** | 0.367151 | −0.71001*** |
| [−0.22429] | [2.28173] | [3.18462] | [0.75805] | [−2.92374] |
D (gdp(−2)) | 0.634815** | −0.009958 | −0.038754 | 0.005886 | −0.378442 |
| [2.18681] | [−0.10543] | [−0.40996] | [0.01195] | [−1.53278] |
D (dctps(−1)) | −0.347401 | 0.054504 | 0.228257** | 0.108716 | −0.473367* |
| [−1.15712] | [0.55795] | [2.33468] | [0.21347] | [−1.85379] |
D (dctps(−2)) | −0.026354 | 0.014583 | −0.101075 | −0.729681 | −0.032979 |
| [−0.09210] | [0.15664] | [−1.08477] | [−1.50336] | [−0.13552] |
D (tvtsr(−1)) | −0.040333 | 0.032932** | 0.029620** | −0.091239 | −0.18131*** |
| [−0.93737] | [2.35228] | [2.11395] | [−1.25003] | [−4.95418] |
D (tvtsr(−2)) | 0.034453 | 0.001922 | 0.015166 | −0.22019*** | −0.12830*** |
| [0.80346] | [0.13778] | [1.08610] | [−3.02711] | [−3.51772] |
D (gds(−1)) | 0.337085 | 0.002201 | 0.009062 | 0.186828 | −0.42289*** |
| [1.17366] | [0.06369] | [0.26199] | [1.03695] | [−4.68125] |
D (gds(−2)) | 0.086964 | 0.036158 | −0.024033 | −0.67013*** | 0.055103 |
| [0.81226] | [1.03796] | [−0.68932] | [−3.68988] | [0.60512] |
C | −0.075010 | 0.0609*** | 2.43E−05 | 0.035747 | 0.092381** |
| [−1.43977] | [3.59235] | [0.00143] | [0.40448] | [2.08484] |