Table 3 Short-run coefficients

ECT

− 0.913 (0.065)^a

− 0.789 (0.065)^a

− 0.925 (0.052)^a

− 0.901 (0.071)^a

− 0.784 (0.067)^a

− 0.922 (0.055)^a

− 0.868 (0.087)^a

− 0.796 (0.090)^a

− 0.920 (.071)

ΔGross investment

− 0.067 (0.319)

0.044 (0.351)

− 0.286 (0.134)^b

− 0.071 (0.318)

0.038 (0.356)

− 0.297 (0.136)b

0.429 (0.609)

0.238(0.627)

− 0.231 (0.304)

∆Property tax

0.548 (0.272)^b

0.617 (0.254)^b

0.445 (0.200)^b

∆Commodity and service tax

− 5.377 (2.931)^c

− 5.781 (2.883)^b

− 2.380 (1.160)^b

∆Income tax

− 0.761 (0.481)

− 0.730 (0.447)

− 0.140 (0.042)^a

∆Total tax

− 0.453 (0.158)^a

− 0.479 (0.140)^a

− 0.407 (0.120)

− 0.487 (0.158)^a

− 0.486 (0.141)^a

− 0.404 (0.119)^a

− 0.326 (0.042)^a

− 0.397 (0.078)^a

− 0.320 (0.032)

Constant

− 0.351 (1.098)

0.313 (0.060)^a

0.170 (0.615)

1.444 (9.748)

9.011 (0.795)^a

9.321 (4.750)^c

1.160 (1.486)

− 0.297 (0.077)

− 0.293 (0.406)