Table 1 Estimation results and standard... | Emerald Publishing

Table 1

Estimation results and standard errors in parentheses

		Unrestricted constant		Restricted trend
		Lags order: 1	Lags order: 4	Lags order: 1	Lags order: 4
Cointegrating vector (⁠ $β$ ⁠)	FMC (log, SA)	1	1	1	1
	FMC (log, SA)	0	0	0	0
	HTPs (log)	0.036	0.030	0.033	0.025
	HTPs (log)	(0.011109)	(0.0080766)	(0.02118)	(0.014278)
	FMC real price (log)	0.097	0.564	0.027	0.450
	FMC real price (log)	(0.4896)	(0.34595)	(0.73367)	(0.43655)
	GDP per capita (log)	−0.383	−0.272	−0.381	−0.266
	GDP per capita (log)	(0.10919)	(0.072396)	(0.11068)	(0.074075)
	Linear trend			0.000	0.001
	Linear trend			(0.0022818)	(0.0013949)
Adjustment vector (⁠ $α$ ⁠)	FMC (log, SA)	−1.3525	−1.9816	−1.3555	−2.0146
Adjustment vector (⁠ $α$ ⁠)	HTPs (log)	−0.65539	−2.1009	−0.6394	−2.0161

		Unrestricted constant		Restricted trend
		Lags order: 1	Lags order: 4	Lags order: 1	Lags order: 4
Cointegrating vector ( $β$ )	FMC (log, SA)	1	1	1	1
	FMC (log, SA)	0	0	0	0
	HTPs (log)	0.036	0.030	0.033	0.025
	HTPs (log)	(0.011109)	(0.0080766)	(0.02118)	(0.014278)
	FMC real price (log)	0.097	0.564	0.027	0.450
	FMC real price (log)	(0.4896)	(0.34595)	(0.73367)	(0.43655)
	GDP per capita (log)	−0.383	−0.272	−0.381	−0.266
	GDP per capita (log)	(0.10919)	(0.072396)	(0.11068)	(0.074075)
	Linear trend			0.000	0.001
	Linear trend			(0.0022818)	(0.0013949)
Adjustment vector ( $α$ )	FMC (log, SA)	−1.3525	−1.9816	−1.3555	−2.0146
Adjustment vector ( $α$ )	HTPs (log)	−0.65539	−2.1009	−0.6394	−2.0161

Source(s): Authors’ work