Table 6: Estimates of VEC model.

VariableCoefficientStd. Error -statisticProb.

15.693429.1540581.7143680.0894
−0.0500180.054919−0.9107530.3645
(−1)−0.3310520.202225−1.6370510.1046
(−1)−0.0802630.189708−0.4230900.6731
(−1)1.2696480.5825152.1795980.0315
(−1)0.1903880.5415480.3515620.7259
(−1)−0.7781470.470700−1.6531710.1013
-squared 0.333364 Mean dependent var 0.559707
Adjusted -squared0.142896 S.D. dependent var 0.984798
S.E. of regression 0.911725 Akaike AIC2.865362
Sum squared resid17.45610 Schwarz SC3.198413
Log likelihood−33.11506 -statistic 1.750240