Results of error-correction model (VECM)
| Variable | Coefficient | SE | t-statistic | Prob. |
| ECT(−1) | −0.1723 | 0.0718 | −2.4002 | 0.0190 |
| D(LFDI(−5)) | 0.3870 | 0.1598 | 2.4221 | 0.0180 |
| D(INF(−1)) | −0.5888 | 0.2117 | −2.7813 | 0.0069 |
| D(INT(−5)) | 0.1164 | 0.0325 | 3.5826 | 0.0006 |
| D(LNEXR(−3)) | −0.3636 | 0.2101 | −1.7301 | 0.0881 |
| D(LNGDP(−1)) | −0.0136 | 0.0060 | −2.2760 | 0.0257 |
| D(LNECP(−4)) | 0.4497 | 0.1321 | 3.4039 | 0.0011 |
| D(TU(−2)) | −0.5604 | 0.2128 | −2.6340 | 0.0103 |
| C | 0.1251 | 0.0250 | 5.0062 | 0.0000 |
| R2 | 0.6022 | Mean dependent var | 0.0146 | |
| Adjusted R2 | 0.5432 | SD dependent var | 0.0834 | |
| SE of regression | 0.0721 | Akaike info criterion | −2.1175 | |
| Sum squared resid | 0.2544 | Schwarz criterion | −0.9192 | |
| Log likelihood | 142.4616 | F-statistic | 1.7253 | |
| Durbin–Watson stat | 2.0055 | Prob (F-statistic) | 0.0328 | |
| Diagnostic test | ||||
| Jarque–Bera | 0.6556 (0.7205) | |||
| LM test: F-statistic | 1.3142 (0.2725) | |||
| ARCH test: F-statistic | 0.1677 (0.9738) | |||
| RESET test: F-statistic | 0.8674 (0.3559) | |||
| Log likelihood ratio | 1.2338 (0.2667) | |||
| Variable | Coefficient | SE | Prob. | |
| ECT(−1) | −0.1723 | 0.0718 | −2.4002 | 0.0190 |
| D(LFDI(−5)) | 0.3870 | 0.1598 | 2.4221 | 0.0180 |
| D(INF(−1)) | −0.5888 | 0.2117 | −2.7813 | 0.0069 |
| D(INT(−5)) | 0.1164 | 0.0325 | 3.5826 | 0.0006 |
| D(LNEXR(−3)) | −0.3636 | 0.2101 | −1.7301 | 0.0881 |
| D(LNGDP(−1)) | −0.0136 | 0.0060 | −2.2760 | 0.0257 |
| D(LNECP(−4)) | 0.4497 | 0.1321 | 3.4039 | 0.0011 |
| D(TU(−2)) | −0.5604 | 0.2128 | −2.6340 | 0.0103 |
| C | 0.1251 | 0.0250 | 5.0062 | 0.0000 |
| 0.6022 | Mean dependent var | 0.0146 | ||
| Adjusted | 0.5432 | SD dependent var | 0.0834 | |
| SE of regression | 0.0721 | Akaike info criterion | −2.1175 | |
| Sum squared resid | 0.2544 | Schwarz criterion | −0.9192 | |
| Log likelihood | 142.4616 | 1.7253 | ||
| Durbin–Watson stat | 2.0055 | Prob ( | 0.0328 | |
| Diagnostic test | ||||
| Jarque–Bera | 0.6556 (0.7205) | |||
| LM test: | 1.3142 (0.2725) | |||
| ARCH test: | 0.1677 (0.9738) | |||
| RESET test: | 0.8674 (0.3559) | |||
| Log likelihood ratio | 1.2338 (0.2667) | |||
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