|
Country
|
Spain
|
Switzerland
|
UK
|
Austria
|
Greece
|
Luxembourg
|
|---|
|
Variable
|
Coefficient
|
Std. error
|
Coefficient
|
Std. error
|
Coefficient
|
Std. error
|
Coefficient
|
Std. error
|
Coefficient
|
Std. error
|
Coefficient
|
Std. error
|
|---|
|
COINTEQ01
|
− 0.322***
|
0.011
|
0.030***
|
0.002
|
− 0.072***
|
0.000
|
0.241***
|
0.008
|
− 0.099***
|
0.004
|
− 0.388***
|
0.009
|
|
D (DCF (− 1))
|
0.632***
|
0.038
|
− 0.556***
|
0.050
|
0.418***
|
0.010
|
− 0.003
|
0.020
|
0.481***
|
0.015
|
0.633***
|
0.020
|
|
D (DCF (− 2))
|
0.736***
|
0.037
|
0.469***
|
0.052
|
0.648***
|
0.013
|
− 0.015
|
0.040
|
− 0.694***
|
0.013
|
0.290***
|
0.019
|
|
D(SMC)
|
0.061
|
0.038
|
0.000
|
0.000
|
0.070***
|
0.000
|
0.413***
|
0.023
|
− 0.274***
|
0.005
|
− 0.034**
|
0.011
|
|
D (SMC (− 1))
|
− 0.799**
|
0.150
|
− 0.075***
|
0.000
|
− 0.025***
|
0.001
|
0.514***
|
0.058
|
− 0.028*
|
0.005
|
− 0.462***
|
0.014
|
|
D (SMC (− 2))
|
1.247***
|
0.072
|
− 0.017***
|
0.000
|
− 0.158***
|
0.000
|
− 0.305***
|
0.018
|
− 0.334***
|
0.006
|
− 0.057***
|
0.010
|
|
D(GDPPG)
|
5.367
|
9.882
|
− 0.068
|
0.303
|
0.365
|
0.323
|
− 3.280
|
1.464
|
− 2.167*
|
0.822
|
4.196*
|
1.732
|
|
D(GDPPG (− 1))
|
− 3.814
|
10.16
|
0.074
|
0.284
|
0.924*
|
0.389
|
− 2.266**
|
0.485
|
0.347
|
0.588
|
3.526
|
1.746
|
|
D(GDPPG (− 2))
|
4.120
|
5.342
|
0.564**
|
0.148
|
0.895***
|
0.132
|
0.170
|
0.222
|
− 2.733**
|
0.851
|
− 2.918
|
1.313
|
|
D(CPI)
|
3.925
|
9.154
|
0.199
|
0.736
|
− 2.183***
|
0.355
|
− 3.094
|
3.773
|
0.755
|
1.203
|
− 16.72
|
13.81
|
|
D (CPI (− 1))
|
− 3.050
|
13.41
|
− 0.288
|
0.731
|
3.011**
|
0.699
|
5.769
|
3.361
|
− 6.685**
|
1.514
|
− 1.058
|
19.44
|
|
D (CPI (− 2))
|
− 13.44
|
39.41
|
− 0.697
|
0.773
|
− 1.470*
|
0.555
|
− 5.394**
|
1.797
|
− 1.833*
|
0.643
|
− 3.108
|
8.218
|
|
D(FDINI)
|
15.68
|
8.173
|
0.079***
|
0.008
|
0.332***
|
0.020
|
− 0.448***
|
0.038
|
7.057
|
24.04
|
− 0.090***
|
0.013
|
|
D (FDINI (− 1))
|
1.836
|
12.88
|
0.385***
|
0.027
|
− 0.561***
|
0.049
|
− 0.750***
|
0.102
|
3.279
|
20.21
|
− 0.750***
|
0.036
|
|
D (FDINI (− 2))
|
9.649
|
10.92
|
− 0.361***
|
0.031
|
− 0.995***
|
0.086
|
− 0.564***
|
0.074
|
2.132
|
17.36
|
− 0.160**
|
0.032
|
|
D(STTR)
|
− 0.088***
|
0.013
|
− 0.017***
|
0.000
|
0.361***
|
0.001
|
0.039***
|
0.000
|
− 0.146***
|
0.017
|
− 8.814
|
17.98
|
|
D (STTR (− 1))
|
− 0.645***
|
0.012
|
− 0.001**
|
0.000
|
0.278***
|
0.004
|
0.050***
|
0.000
|
0.215***
|
0.018
|
− 4.062
|
19.85
|
|
D (STTR (− 2))
|
− 0.054***
|
0.003
|
− 0.010***
|
0.000
|
− 0.019***
|
0.001
|
0.046***
|
7.42E− 0
|
0.052**
|
0.014
|
1.730
|
16.27
|
|
C
|
48.02
|
328.3
|
− 0.881
|
9.521
|
5.418
|
4.179
|
− 30.25
|
128.1
|
5.498
|
65.69
|
54.58
|
286.5
|
- The dependent variable is D(DCF), at lags 3(Fixed). SMC, GDPPG, CPI FDINI, and STTR. Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1, in all the models of the current study
