Result of long-run estimator
| Explain variable: lnCF | ||||||
|---|---|---|---|---|---|---|
| Explanatory variables | PMG/ARDL | FMOLS | DOLS | |||
| Coefficient [t-statistics] | Prob. | Coefficient [t-statistics] | Prob. | Coefficient [t-statistics] | Prob. | |
| lnAIi | 0.029000*** [1.750648] | 0.0953 | 0.038621 [1.167856] | 0.2490 | 0.024619 [0.984345] | 0.3297 |
| lnET | −0.166649** [−2.009216] | 0.0582 | −0.284398* [−3.298568] | 0.0019 | −0.262728* [−3.665183] | 0.0006 |
| lnEG | 0.205298* [4.180609] | 0.0005 | 0.295590** [2.625117] | 0.0118 | 0.238487* [2.665055] | 0.0103 |
| lnVAag | −0.577843* [−2.825145] | 0.0105 | −0.490641* [−4.379509] | 0.0001 | −0.482124* [−4.491456] | 0.0000 |
| lnVAi | 0.444387** [2.248501] | 0.0360 | 0.169244 [0.479413] | 0.6340 | 0.343246 [1.221850] | 0.2275 |
| Explain variable: lnCF | ||||||
|---|---|---|---|---|---|---|
| Explanatory variables | PMG/ARDL | FMOLS | DOLS | |||
| Coefficient [ | Prob. | Coefficient [ | Prob. | Coefficient [ | Prob. | |
| lnAIi | 0.029000*** [1.750648] | 0.0953 | 0.038621 [1.167856] | 0.2490 | 0.024619 [0.984345] | 0.3297 |
| lnET | −0.166649** [−2.009216] | 0.0582 | −0.284398* [−3.298568] | 0.0019 | −0.262728* [−3.665183] | 0.0006 |
| lnEG | 0.205298* [4.180609] | 0.0005 | 0.295590** [2.625117] | 0.0118 | 0.238487* [2.665055] | 0.0103 |
| lnVAag | −0.577843* [−2.825145] | 0.0105 | −0.490641* [−4.379509] | 0.0001 | −0.482124* [−4.491456] | 0.0000 |
| lnVAi | 0.444387** [2.248501] | 0.0360 | 0.169244 [0.479413] | 0.6340 | 0.343246 [1.221850] | 0.2275 |
Note(s): *, **, and *** denotes significant at 1, 5 and 10% levels