Table 3.

Results from fitted VECM.

Parameter	Estimate	Standard Error
${\gamma }_1$	0.0424	0.0931
${\gamma }_2$	− 3.8514	2.5773
${\gamma }_3$	− 1.3412	0.8382
${\alpha }_1$	1.6559*	0.7837
${\alpha }_2$	4.3317*	2.1967

Results denoted with an asterisk are statistically significant at a significance level of 0.05. The estimates for ${\alpha }_1$ and ${\alpha }_2$ are normalized.