Table 8.

Vector error correction model

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]

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