PMG

MG

Coefficient

Std. Error

Coefficient

Std. Error

Long Run results

PD

−0.0409***

0.0108

−0.0266

0.0307

COR

−0.0171

0.0202

0.0543

0.0635

GDP

0.1499

0.1020

0.0183

0.1104

HC

0.0471

0.0852

0.0530

0.2728

Trade

−0.0705

0.0434

0.0676

0.1906

INF

−0.0658**

0.0313

−0.0813**

0.0409

Short Run Results

ECT

−0.6426***

0.2106

−1.0002***

0.0363

PD

−0.0104

0.0109

−0.0058

0.0197

COR

0.0130

0.0212

−0.0055

0.0482

GDP

−0.0538***

0.0114

−0.0605

0.0484

HC

0.0188

0.0864

0.0225

0.1904

Trade

0.0072

0.0373

−0.1082

0.0994

INF

0.0245*

0.0132

0.0665

0.0499