Error Correction | D(mcr) | D(gdp) | D(tvtsr) | D(dctps) | D(gds) | D(inf) |
Coint Equation (1) | 0.062443* | −0.007074 | 0.078121 | 0.012620 | −0.1627*** | −0.1265*** |
| [1.78912] | [−0.62431] | [1.38096] | [1.08520] | [−5.75975] | [−3.31911] |
D (mcr(−1)) | −0.005381 | 0.061006* | 0.278592* | 0.027661 | 0.23738*** | 0.24874** |
| [−0.05251] | [1.83387] | [1.67734] | [0.81014] | [2.86159] | [2.22250] |
D (mcr(−2)) | −0.000739 | −0.040809 | −0.054508 | 0.030906 | 0.25355*** | 0.202185* |
| [−0.00743] | [−1.26371] | [−0.33807] | [0.93247] | [3.14866] | [1.86097] |
D (gdp(−1)) | −0.213811 | 0.182298 | 0.009763 | 0.29308** | −0.75853** | −1.0896*** |
| [−0.68320] | [1.79434] | [0.01925] | [2.81068] | [−2.99410] | [−3.18790] |
D (gdp(−2)) | 0.563822* | 0.011569 | 0.283398 | −0.049400 | −0.409551 | 0.610573* |
| [1.80916] | [0.11435] | [0.56103] | [−0.47573] | [−1.62337] | [1.79380] |
D (tvtsr(−1)) | −0.062063 | 0.03156** | −0.060431 | 0.03210** | −0.1962*** | −0.048727 |
| [−1.36156] | [2.13278] | [−0.81795] | [2.11368] | [−5.31632] | [−0.97876] |
D (tvtsr(−2)) | 0.043302 | 0.008118 | −0.1892*** | 0.017901 | −0.1494*** | 0.013369 |
| [0.95367] | [0.55074] | [−2.57111] | [1.18326] | [−4.06361] | [0.26958] |
D (dctps(−1)) | −0.343173 | 0.025284 | −0.100835 | 0.217634** | −0.52990** | −0.237086 |
| [−1.04;993] | [0.23828] | [−0.19033] | [1.99835] | [−2.00269] | [−0.66413] |
D (dctps(−2)) | −0.071762 | 0.019505 | −0.528772 | −0.117655 | −0.040677 | 0.511571 |
| [−0.23530] | [0.19700] | [−1.06967] | [−1.15781] | [−0.16476] | [1.53579] |
D (gds(−1)) | 0.395145 | 0.000532 | 0.251967 | 0.014099 | −0.4611*** | 0.201967* |
| [1.56033] | [0.01478] | [1.40074] | [0.38128] | [−5.13224] | [1.66625] |
D (gds(−2)) | 0.139004 | 0.026662 | −0.7080*** | −0.030902 | 0.068200 | 0.150497 |
| [1.24911] | [0.73802] | [−3.92489] | [−0.83342] | [0.75707] | [1.23823] |
D (inf(−1)) | −0.031659 | −0.002954 | −0.102816 | −0.015198 | 0.140274** | −0.3968*** |
| [−0.41928] | [−0.12049] | [−0.84009] | [−0.60408] | [2.29488] | [−4.81165] |
D (inf(−2)) | −0.036271 | 0.011733 | −0.008054 | −0.019086 | 0.084621 | −0.3241*** |
| [−0.53643] | [0.53450] | [−0.07348] | [−0.84717] | [1.54597] | [−4.38933] |
C | −0.045728 | 0.06220*** | 0.070154 | −0.000563 | 0.105339** | −0.018167 |
| [−0.81139] | [3.39997] | [0.76798] | [−0.02998] | [2.30890] | [−0.29514] |