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Long-run estimates
| Independent Variables | |||
| Dependent variables | ANS | HPREV | HEX |
| ANS | - | −2.21***(0.43) | −0.020(0.19) |
| HPREV | −0.067***(0.01) | - | 0.09**(0.04) |
| HEX | 0.058***(0.013) | 0.14**(0.07) | - |
Note: The values in parentheses are standard error
*** Indicate 1% level of significance
** indicate 5% level of significance
