Table 7.

Short-term country specific results on all sample countries.

Country	ECT	LNENG	LNTRA	LNCAP	LNLAB	LNFDI	LNHCI	Constant
Australia	-0.165∗∗∗	0.062∗∗∗	0.051∗∗∗	0.115∗∗∗	-0.293∗∗∗	-0.001∗∗∗	0.069∗∗∗	-0.160
Brazil	-0.056∗∗∗	0.322∗∗∗	-0.006∗∗∗	0.245∗∗∗	0.071∗∗∗	-0.003∗∗∗	0.073∗	-0.010∗
Canada	-0.211∗∗∗	0.042∗∗∗	0.087∗∗∗	0.084∗∗∗	0.102	0.000∗∗∗	-2.695	-0.213∗∗
China	-0.273∗∗∗	-0.138∗∗∗	0.000	0.138∗∗∗	0.003	0.009∗∗∗	-0.296∗	-0.688∗∗
France	-0.137∗∗∗	-0.021∗∗∗	0.046∗∗∗	0.149∗∗∗	0.057∗	0.000∗∗∗	-0.638∗∗∗	-0.106∗∗
Germany	-0.103∗∗∗	-0.022∗∗∗	0.100∗∗∗	0.156∗∗∗	-0.074∗	-0.002∗∗∗	-0.667	-0.131∗∗∗
India	0.002	-0.020∗∗	-0.020∗∗∗	0.132∗∗∗	0.094∗∗	-0.006∗∗∗	0.144	0.021∗∗∗
Indonesia	0.013∗∗∗	0.129∗∗∗	-0.047∗∗∗	-0.020∗∗∗	-0.312∗∗	0.005∗∗∗	-1.143	0.090∗∗∗
Italy	-0.004∗	0.076∗∗∗	0.059∗∗∗	0.199∗∗∗	0.023∗∗	-0.001∗∗∗	-0.480∗	0.023∗∗∗
Japan	-0.131∗∗∗	0.157∗∗∗	0.005∗∗∗	0.244∗∗∗	-0.024	0.000∗∗∗	-1.746∗∗	-0.136∗∗
Korea, Rep.	-0.085∗∗∗	0.082∗∗∗	0.017∗∗∗	0.213∗∗∗	0.114∗∗	0.000∗∗∗	-0.636∗∗	-0.076
Mexico	-0.145∗∗∗	0.026∗	0.003∗∗	0.165∗∗∗	-0.095∗∗	0.003∗∗∗	-0.540	-0.108∗∗
Netherlands	-0.393∗∗∗	-0.003∗∗	0.060∗∗∗	0.014∗∗∗	0.068∗∗	-0.001∗∗∗	-0.394	-0.343
Russian Federation	-0.519∗∗∗	0.233∗∗	-0.066∗∗∗	0.000	1.108∗∗	-0.002∗∗∗	-0.458	-1.173∗
Saudi Arabia	-0.144∗∗∗	0.048∗∗	0.486∗∗∗	-0.123∗∗∗	-0.584	0.000∗∗∗	0.813	-0.039
Spain	-0.125∗∗∗	0.085∗∗∗	0.027∗∗∗	0.180∗∗∗	-0.293∗∗∗	-0.002∗∗∗	-0.571∗∗	-0.052∗
Switzerland	-0.057∗∗∗	-0.011∗∗	0.175∗∗∗	0.072∗∗∗	-0.401∗∗∗	0.000∗∗∗	0.319	-0.035∗∗
Turkey	-0.378∗∗∗	0.046∗∗∗	0.042∗∗∗	0.102∗∗∗	0.075∗∗	0.004∗∗∗	-0.700∗∗∗	-0.133∗∗∗
United Kingdom	-0.317∗∗∗	-0.013∗∗∗	-0.026∗∗∗	0.108∗∗∗	0.293∗∗	-0.001∗∗∗	-1.832∗∗	-0.341
United States	-0.109∗∗∗	0.227∗∗∗	-0.014∗∗∗	0.147∗∗∗	-0.008	0.002∗∗∗	-1.043	-0.156∗∗∗

Note: ∗∗∗^, ∗∗^, and ∗ denote significance level at 1%, 5% and 10%, respectively.