Explanatory variable

Parameter estimate

T-statistic

P value

∆FT_t

−5.142

−3.878

0.001^*

∆EGROWTH_t

0.988

6.269

0.000^*

∆RNT_t

−16.042

−3.589

0.001^*

∆TBAL_t

0.789

7.237

0.000^*

∆SRATIO_t

0.425

4.096

0.000^*

U_t−1

−0.773

−8.429

0.000^*