Table 9 Short and long-run dynamics of the system

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:

D(LOG(RER))

D(LOG(PROD))

D(LOG(TOT))

D(LOG(TO))

D(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]

D(LOG(RER(-1)))

-0.067

0.009

0.134

-0.008

0.009

(0.017)

(0.031)

(0.048)

(0.047)

(0.058)

[-3.925]

[ 0.304]

[ 2.737]

[-0.169]

[ 0.165]

D(LOG(PROD(-1)))

-0.611

-0.288

-0.144

-0.291

-0.066

(0.125)

(0.228)

(0.354)

(0.350)

(0.425)

[-4.859]

[-1.261]

[-0.40286]

[-0.832]

[-0.156]

D(LOG(TOT(-1)))

0.067

0.073

0.002

-0.028

-0.066

(0.070)

(0.127)

(0.200)

(0.195)

(0.238)

[0.956]

[ 0.571]

[ 0.014]

[-0.143]

[-0.278]

D(LOG(TO(-1)))

0.270

0.043

0.103

0.091

0.114

(0.088)

(0.159)

(0.251)

(0.245)

(0.298)

[ 3.073]

[ 0.271]

[ 0.410]

[ 0.372]

[ 0.385]

D(LOG(GEX(-1)))

0.170

-0.002

-0.252

-0.351

-0.479

(0.069)

(0.126)

(0.198)

(0.193)

(0.235)

[ 2.454]

[-0.018]

[-1.273]

[-1.813]

[-2.036]

R-squared

0.992

0.103

0.296

0.174

0.188

Adj. R-squared

0.991

-0.120

0.121

-0.032

-0.014

F-statistic

556.314

0.463

1.688

0.842

0.927