Table 3. Long run and short run estimates.
| Part A: Long run | |||
| Variable | Coefficient | Std. Error | t-Statistic |
| lnPC | 61.067888c | 31.293778 | 1.951439 |
| lnPCS | -3.236433c | 1.649521 | -1.962045 |
| lnEU | 0.350060b | 0.129864 | 2.695590 |
| lnFD | -0.075564a | 0.027288 | -2.769137 |
| lnGX | 0.354231a | 0.097590 | 3.629810 |
| Dummy | 0.237087 | 0.158567 | 1.495191 |
| Constant | -288.261997c | 148.099285 | -1.946410 |
| Part B: Short run | |||
| Variable | Coefficient | Std. Error | t-Statistic |
| Δ(lnPC) | 50.011414c | 25.760687 | 1.941385 |
| Δ(lnPCS) | -2.650470c | 1.359147 | -1.950098 |
| Δ(lnEU) | 0.286681b | 0.113134 | 2.533985 |
| Δ(lnFD) | -0.285397a | 0.086319 | -3.306321 |
| Δ(lnGX) | 0.290097a | 0.076011 | 3.816533 |
| Dummy | 0.194162 | 0.131059 | 1.481486 |
| CointEq(-1) | -0.818948a | 0.149411 | -5.481168 |
| Part C: Diagnostic tests | |||
| Test | F-stat. | Prob. | |
| Serial correlation | 0.01 | 0.96 | |
| Heteroskedasticity | 0.48 | 0.86 | |
| Ramsey RESET | 1.84 | 0.18 | |
| Jarque-Berra | 1.15 | 0.56 | |
a, b, and c show significance at the 1, 5, and 10% levels, respectively.