Table 4 Long-run and short-run model estimation.

LEDU

− 0.034 (0.774)

− 0.227 (0.139)

–

LHLT

0.010 (0.940)

0.249 (0.072)***

–

LTRC

0.133 (0.081)***

0.128 (0.041)**

–

LGFCF

− 0.782 (0.000)*

− 0.641 (0.012)*

− 1.277 (0.000)*

LLFPR

4.997 (0.000)*

4.898 (0.000)*

5.433 (0.000)*

CC

–

0.014 (0.028)**

–

GE

–

− 0.022 (0.021)**

–

LEDU* CC

–

–

− 0.035 (0.308)

LEDU*GE

–

–

0.0310 (0.214)

LHLT*CC

–

–

0.0621 (0.211)

LHLT*GE

–

–

− 0.069 (0.108)

LTRC*CC

–

–

− 0.016 (0.528)

LTRC*GE

–

–

0.0371 (0.128)

D(LEDU)

− 0.005 (0.780)

− 0.048 (0.115)

–

D(LHLT)

0.001 (0.941)

0.0525 (0.068)***

–

D(LTRC)

0.001 (0.869)

0.000 (0.990)

–

D(LGFCF)

− 0.118 (0.012)*

− 0.080 (0.225)

− 0.086 (0.137)

D(LLFPR)

0.754 (0.001)*

− 4.365 (0.253)

0.737 (0.004)*

D(CC)

–

0.003 (0.021)**

–

D(GE)

–

− 0.002 (0.080)***

–

D(LEDU*CC)

–

–

− 0.005 (0.285)

D(LEDU*GE)

–

–

0.003 (0.322)

D(LHLT*CC)

–

–

0.008 (0.168)

D(LHLT*GE)

–

–

− 0.005 (0.172)

D(LTRC*CC)

–

–

− 0.0021 (0.505)

D(LTRC*GE)

–

–

0.002 (0.137)

ECT(− 1)

− 0.151 (0.002)*

− 0.211 (0.004)*

− 0.136 (0.009)*