PMG

MG

Coefficient

Std. Error

Coefficient

Std. Error

Long Run Results

PD

−0.1731***

0.0447

−0.4739

0.5821

COR

−0.1172***

0.0423

−0.7133

0 .9541

GDP

0.1559

0.1079

−0.1896

0.3283

HC

0.0353

0.08754

−0.3268

0.5505

Trade

−0.1182***

0.0364

0.1652

0.1480

INF

−0.1228***

0.0384

−0.0408

0.0408

PD × COR

0.0033***

0.0011

0.0143

0.0175

Short Run Results

ECT

−1.09***

0.2240

−1.3009***

0.8778

PD

−0.0982

0.0880

−0.0308

0.3053

COR

−0.0959

0.1548

0.2205

0.364

GDP

−0.0664

0.0346

0.389*

0.2122

HC

−0.0177

0.0188

1.2495

1.4532

Trade

−0.0181

0.0220

−0.365736

0.3718

INF

0.0440*

0.0231

0.1231*

0.0710

PD × COR

0.0010

0.0023

−0.0017

0.0055