Table 6.

Long-run estimation results—CCEMG

Variable	Coefficient	Std. Error	Z-value	P-value
LNR	− 0.004*	0.002	− 2.59	0.009
LFR	− 0.009**	0.004	− 2.27	0.023
LGI	0.002**	0.001	2.22	0.026
LEG	0.017*	0.005	3.44	0.001
Constant	− 0.126*	0.026	− 4.82	0.000

Note: The symbols * and ** represent the significance levels at 1%, and 5%, respectively