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Table 8 Vector error correction model

From: Estimating long-run equilibrium real exchange rates: short-lived shocks with long-lived impacts on Pakistan

Cointegrating eq:

CointEq1

LOG(RER(-1))

1.000

LOG(PROD(-1))

-1.330

(0.126)

[-10.534]

LOG(TOT(-1))

-0.260

(0.064)

[-4.076]

LOG(TO(-1))

0.114

(0.052)

[2.168]

LOG(GEX(-1))

0.457

(0.049)

[ 9.189]

C

-4.374

(0.154)

[-28.301]

Error correction:

Δ (LOG(RER))

Δ (LOG(PROT))

Δ (LOG(TOTE))

Δ (LOG(TOFE))

Δ (LOG(GEX))

CointEq1

-0.866

-0.019

-0.099

0.031

-0.013

(0.022)

(0.040)

(0.063)

(0.061)

(0.075)

[-38.913]

[-0.492]

[-1.567]

[ 0.510]

[-0.176]

  1. Note: Standard errors in ( ) & t-statistics in [ ].