Table 12.

Johansen normalization restriction imposed for U.S.

Beta	Coef	Std.Err	Z-Stat	p-Value
us_gdp	1	.	.	.
us-lexp	−28.25588	1.270396	−22.24	0.000
us_ff	15.64236	1.300421	12.03	0.000
us_enr	15.20434	1.994074	7.62	0.000
us_co	−15.27256	1.775366	−8.60	0.000
_cons	−67.60238
us_gdp	1	.	.	.
us-mort	0.6196919	.5297686	1.17	0.242
us_ff	−19.65899	4.649569	−4.23	0.000
us_enr	−26.45132	6.525074	−4.05	0.000
us_co	25.1588	5.690274	4.42	0.000
_cons	217.5517