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]