Error

Correction

D(mcr)

D(gdp)

D(tvtsr)

D(dctps)

D(gfcf)

Coint Equation (1)

0.000615

0.012985

0.28990***

0.004529

−0.02401**

[0.01668]

[1.45181]

[3.99465]

[0.57026]

[−2.11950]

D (mcr(−1))

0.036991

0.053858*

−0.175590

0.041663*

0.066552*

[0.33301]

[1.99978]

[−0.80351]

[1.74234]

[1.95141]

D (mcr(−2))

0.199906

−0.044030

0.251514

−0.008295

0.068566*

[1.54554]

[−1.40403]

[0.98843]

[−0.29791]

[1.72661]

D (gdp(−1))

−0.204474

0.391257

0.253840

0.230526**

−0.233041*

[−0.46455]

[3.66629]

[0.29315]

[2.43297]

[−1.72448]