Long Run Model

Short Run Model

Variable

Coefficients

T-statistics

P-values

Variable

Coefficients

T-statistics

P-values

C

−17.3643

−7.4924

0.0000***

−

-

-

-

Trend

0.1114

6.8751

0.0000***

Δlrm2 (−1)

0.0509

0.4797

0.6379

lrgdp

1.0332

4.4321

0.0004***

Δlrgdp

0.0729

1.0981

0.2884

Inf

−0.0070

−2.9786

0.0089***

Δinf

−0.0035

−4.7415

0.0002***

lexch

−0.3710

−7.2772

0.0000***

Δlexch

−0.1046

−1.0139

0.3257

Intspr

−0.0164

−1.8609

0.0812*

Δlexch (−1)

0.1305

1.1782

0.2559

finv

−0.5825

−2.7496

0.0142**

Δintspr

−0.0068

−1.4839

0.1573

dum

0.6482

6.0845

0.0000***

Δfinv

0.1847

1.0637

0.3032

ustb

0.0227

1.5970

0.1298

Δfinv (−1)

0.6921

3.3067

0.0045***

Δustb

−0.0107

−0.8244

0.4218

Δdum

−0.1135

−1.0284

0.3191

ECM_t−1

−0.7580

−7.2583

0.0000***