Short-run relationship of the variables estimated using VECM
| Error Correction | Coefficient | S.E | t-statistics |
|---|---|---|---|
| CointEq1 (D(LNEG) | −0.123345 | 0.03414 | −3.61265** |
| D(LNEG(−1)) | 0.134107 | 0.17581 | 0.76280 |
| D(LNEG(−2)) | 0.177314 | 0.18278 | 0.97012 |
| D(LNEG(−3)) | −0.370490 | 0.16800 | −2.20533** |
| D(LNREM(−1)) | 0.013711 | 0.01283 | 1.06870 |
| D(LNREM(−2)) | −0.004012 | 0.01314 | −0.30521 |
| D(LNREM(−3)) | −0.001898 | 0.01230 | −0.15440 |
| D(LNFDI(−1)) | −0.001567 | 0.00459 | −0.34166 |
| D(LNFDI(−2)) | 0.000973 | 0.00425 | 0.22903 |
| D(LNFDI(−3)) | 0.004420 | 0.00349 | 1.26559 |
| D(LNODA(−1)) | −0.013196 | 0.00584 | −2.26015** |
| D(LNODA(−2)) | −0.006088 | 0.00655 | −0.92928 |
| D(LNODA(−3)) | −0.012548 | 0.00632 | −1.98525** |
| D(LNTRADE(−1)) | −0.016755 | 0.02234 | −0.74991 |
| D(LNTRADE(−2)) | 0.010409 | 0.02113 | 0.49264 |
| D(LNTRADE(−3)) | −0.000305 | 0.02455 | −0.01241 |
| C | 0.026166 | 0.00606 | 4.31963*** |
| Error Correction | Coefficient | S.E | |
|---|---|---|---|
| CointEq1 (D(LNEG) | −0.123345 | 0.03414 | −3.61265 |
| D(LNEG(−1)) | 0.134107 | 0.17581 | 0.76280 |
| D(LNEG(−2)) | 0.177314 | 0.18278 | 0.97012 |
| D(LNEG(−3)) | −0.370490 | 0.16800 | −2.20533 |
| D(LNREM(−1)) | 0.013711 | 0.01283 | 1.06870 |
| D(LNREM(−2)) | −0.004012 | 0.01314 | −0.30521 |
| D(LNREM(−3)) | −0.001898 | 0.01230 | −0.15440 |
| D(LNFDI(−1)) | −0.001567 | 0.00459 | −0.34166 |
| D(LNFDI(−2)) | 0.000973 | 0.00425 | 0.22903 |
| D(LNFDI(−3)) | 0.004420 | 0.00349 | 1.26559 |
| D(LNODA(−1)) | −0.013196 | 0.00584 | −2.26015 |
| D(LNODA(−2)) | −0.006088 | 0.00655 | −0.92928 |
| D(LNODA(−3)) | −0.012548 | 0.00632 | −1.98525 |
| D(LNTRADE(−1)) | −0.016755 | 0.02234 | −0.74991 |
| D(LNTRADE(−2)) | 0.010409 | 0.02113 | 0.49264 |
| D(LNTRADE(−3)) | −0.000305 | 0.02455 | −0.01241 |
| C | 0.026166 | 0.00606 | 4.31963 |
Notes:
*Significance at 10%, **significance at 5%, ***significant at 1%