Table 9.

Short and long-run dynamics of the system

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:	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

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