Coefficient Std. Error t-Statistic Prob.
C(1) 0.110533 0.024560 4.500542 0.0000*
C(2) -0.364607 0.126045 -2.892677 0.0049*
C(3) -0.349841 0.126862 -2.757648 0.0071*
C(4) -0.002381 0.021120 -0.112749 0.9105
C(5) -0.011460 0.022582 -0.507504 0.6131
C(6) 0.098778 0.150879 0.654685 0.5145
C(7) 0.147525 0.151188 0.975776 0.3320
C(8) -0.011304 0.015685 -0.720673 0.4731
C(9) 0.008560 0.015217 0.562521 0.5753
C(10) 0.082630 0.092343 -0.894819 0.3734
C(11) 0.125032 0.091583 1.365234 0.1758
C(12) 0.384204 0.384137 1.000177 0.3201
C(13) -0.024760 0.377183 -0.065646 0.9478
C(14) 0.030731 0.006288 4.876006 0.0000*
C(15) -0.008425 0.006288 -1.339942 0.1839
R-squared F-statistic Prob(F-stat) AIC SC
0.332168 2.984296 0.000968 -4.214297 -3.821097
Table 7: VECM estimation results.