Variable*

Coefficient

Std. Error

t-Statistic

Prob.

NERD(−1)

0.0292

0.0089

3.2943

0.0022

LGIRS

−0.2680

0.0622

−4.3071

0.0001

LCPI(−1)

0.5101

0.1067

4.7801

0.0000

C

−1.3104

0.5990

−2.1876

0.0353