Dependent variable

Explanatory variables

∆EF

∆GDP

∆URB

ECT_t−1

∆EF

-

22.869* (0.000)

4.002 (0.405)

−0.812* [−4.473]

∆GDP

5.099 (0.277)

-

14.901* (0.005)

−0.122 [−1.247]

∆URB

3.061 (0.547)

3.556 (0.469)

-

0.001 [0.107]