MPRA

repec.nep.int

n?u=RePEc:pra:mprapa:75206&r=int

Table A.4: ECM model estimate for total trade

Dependent

variables INEG UH,TOT,j,t INEG SH,TOT,j,t INEG US,TOT,j,t

Fixed time effects No Yes No Yes No Yes

Independent variables

INEG UH,TOT,j,t−1

0.7893***

(10.53)

0.8026***

(10.79)

INEG SH,TOT,j,t−1 - -

- - - -

-0.0581

(0.61)

-0.0788

(0.82)

INEG US,TOT,j,t−1 - - - -

OP TOT,j,t

OP TOT,j,t−1

-0.2818

(1.45)

0.0781

(0.32)

-0.2493

(0.85)

-0.0116

(0.04)

TCE TOT,j,t−1 - -

GDP j,t

EDU j,t

INFL j,t

NETDEN j,t

GOVIN j,t

HERF j,t

0.0020*

(1.75)

-0.0020

(0.46)

0.0015

(0.76)

-0.0310*

(1.91)

0.0006

(0.42)

-0.0326**

(1.96)

0.029

(1.02)

-0.0023

(0.47)

0.0016

(0.75)

-0.0242

(1.60)

0.0006

(0.43)

-0.0288

(1.64)

0.0201

(0.22)

0.0534

(0.61)

-0.0171**

(2.42)

-0.003

(0.54)

0.0025

(1.03)

-0.0001

(0.05)

-0.0223

(1.05)

-0.0005

(0.66)

-0.0066

(0.48)

-0.0294

(0.22)

0.0707

(0.55)

-0.0194**

(2.48)

-0.0015

(1.08)

0.0034

(1.38)

0.0004

(0.29)

-0.0180

(0.89)

-0.0007

(0.88)

-0.0022

(0.15)

- -

0.6782***

(5.83)

-0.0582

(0.51)

0.0047

(0.04)

-0.0082**

(2.49)

0.0005

(1.06)

-0.0005

(0.31)

-0.0010

(0.95)

-0.0068

(0.74)

0.0009

(1.21)

-0.0044

(0.81)

0.6820***

(5.82)

0.0266

(0.19)

-0.1218

(0.90)

-

0.0087***

(2.65)

-0.0006

(0.44)

0.0004

(0.19)

-0.0019

(1.47)

-0.0102

(1.09)

0.0010

(1.48)

-0.0024

(0.31)

Observations 280 280 280 280 280 280

R² 64.78% 67.17% 9.23% 17.92% 72.64% 75.54%

* , ** and *** are coefficients with Student statistics rejecting the null hypothesis at the 10% , 5% and 1% confidence

intervals.

15

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