Table 6 Long- and short-run results (dependent variable = \(\ln Y_{t}\))

Constant

4.7345*

24.5898

5.2010*

19.5478

4.9423*

23.940

\(\ln F_{t}\)

0.0163**

2.2559

0.2815*

14.5480

0.2708*

14.774

\(\ln EC_{t}\)

0.2744*

14.688

0.0200**

2.7073

0.0135***

1.9216

\(\ln K_{t}\)

0.1798*

6.6848

0.0831**

2.1247

0.1237*

3.9669

\(\ln TO_{t}\)

–

–

–

–

0.1725*

9.1224

\(\ln EX_{t}\)

0.1487*

8.7552

–

–

–

\(\ln IM_{t}\)

–

–

0.1774*

7.7777

–

–

Constant

0.0038**

2.3806

0.0051*

2.8994

0.0038**

2.3056

\(\ln F_{t}\)

0.0056

1.1929

0.0056

1.0826

0.0059

1.2437

\(\ln EC_{t}\)

0.1334*

3.1069

0.1722*

3.2487

0.1306**

2.7187

\(\ln K_{t}\)

0.1802*

5.0623

0.1354**

2.5551

0.1242*

2.8709

\(\ln TO_{t}\)

–

–

–

–

0.1790*

4.5446

\(\ln EX_{t}\)

0.1572*

5.1486

–

–

–

–

\(\ln IM_{t}\)

–

–

0.1204*

2.9153

–

–

\(ECM_{t - 1}\)

− 0.3686*

− 2.4552

− 0.5306*

− 3.2308

− 0.4395*

− 2.6129

\(R^{2}\)

0.8571

0.8191

0.8528

F-statistic

43.2053*

32.6186*

41.7260*

D. W

1.5509

1.5359

1.6520

\(\chi_{NORMAL}^{2}\)

\(\chi_{SERIAL}^{2}\)

\(\chi_{ARCH}^{2}\)

\(\chi_{WHITE}^{2}\)

\(\chi_{REMSAY}^{2}\)