Variable

Coefficient

Std. Error

t-Statistic

Prob.

LNCS(−1)

0.4778

0.0917

5.2096

0.0000

NERD

0.0096

0.0022

4.4079

0.0001

NERD(−1)

0.0057

0.0024

2.3325

0.0259

LGIRS

−0.1399

0.0332

−4.2183

0.0002

LCPI

1.8653

0.4750

3.9268

0.0004

LCPI(−1)

−1.5990

0.4635

−3.4496

0.0016

C

−0.6843

0.2816

−2.4298

0.0207