Table 5 Effect of exports on economic... | Emerald Publishing

Table 5

Effect of exports on economic growth along the structural breaks

	Baseline			Robustness
Variable	OLS	FMOLS	IV-2SLS	OLS	FMOLS	IV-2SLS
Constant	12.464*** (0.000)	9.124*** (0.000)	8.848*** (0.000)	−4.176*** (0.000)	−16.537*** (0.000)	2.681 (0.444)
Exports	0.129 (0.249)	0.587*** (0.000)	0.575*** (0.000)	−0.029* (0.074)	0.645*** (0.000)	0.201** (0.015)
Exports1	0.187* (0.066)	0.582*** (0.000)	0.574*** (0.000)	−0.028* (0.095)	0.653*** (0.000)	0.195** (0.021)
Exports2	0.225*** (0.007)	0.543*** (0.000)	0.554*** (0.000)	−0.030* (0.065)	0.570*** (0.000)	0.192** (0.017)
Exports3	0.265*** (0.000)	0.523*** (0.000)	0.532*** (0.000)	−0.024 (0.134)	0.530*** (0.000)	0.182** (0.017)
Exports4	0.301*** (0.000)	0.521*** (0.000)	0.538*** (0.000)	−0.024 (0.123)	0.486*** (0.000)	0.175** (0.016)
Exports5	0.336*** (0.000)	0.550*** (0.000)	0.562*** (0.000)	0.027* (0.092)	0.512*** (0.000)	0.169** (0.018)
Capital Stock				0.857*** (0.000)	1.282*** (0.000)	0.689*** (0.000)
Employed Persons				0.645*** (0.000)	0.811** (0.015)	0.008 (0.982)
No. of Obs.	256	255	255	256	255	254
R-Squares	0.987	0.670	0.995	0.998	0.8176	0.998
Adjusted R-Squares		0.662			0.8109
F-Statistics/Wald Test	8108.62*** (0.0000)		53,299.53*** (0.000)	9358.11*** (0.0000)		146,874.14*** (0.0000)

	Baseline			Robustness
Variable	OLS	FMOLS	IV-2SLS	OLS	FMOLS	IV-2SLS
Constant	12.464*** (0.000)	9.124*** (0.000)	8.848*** (0.000)	−4.176*** (0.000)	−16.537*** (0.000)	2.681 (0.444)
Exports	0.129 (0.249)	0.587*** (0.000)	0.575*** (0.000)	−0.029* (0.074)	0.645*** (0.000)	0.201** (0.015)
Exports1	0.187* (0.066)	0.582*** (0.000)	0.574*** (0.000)	−0.028* (0.095)	0.653*** (0.000)	0.195** (0.021)
Exports2	0.225*** (0.007)	0.543*** (0.000)	0.554*** (0.000)	−0.030* (0.065)	0.570*** (0.000)	0.192** (0.017)
Exports3	0.265*** (0.000)	0.523*** (0.000)	0.532*** (0.000)	−0.024 (0.134)	0.530*** (0.000)	0.182** (0.017)
Exports4	0.301*** (0.000)	0.521*** (0.000)	0.538*** (0.000)	−0.024 (0.123)	0.486*** (0.000)	0.175** (0.016)
Exports5	0.336*** (0.000)	0.550*** (0.000)	0.562*** (0.000)	0.027* (0.092)	0.512*** (0.000)	0.169** (0.018)
Capital Stock				0.857*** (0.000)	1.282*** (0.000)	0.689*** (0.000)
Employed Persons				0.645*** (0.000)	0.811** (0.015)	0.008 (0.982)
No. of Obs.	256	255	255	256	255	254
R-Squares	0.987	0.670	0.995	0.998	0.8176	0.998
Adjusted R-Squares		0.662			0.8109
F-Statistics/Wald Test	8108.62*** (0.0000)		53,299.53*** (0.000)	9358.11*** (0.0000)		146,874.14*** (0.0000)

Note(s): ***p < 0.01, **p < 0.05, *p < 0.1. OLS and FMOLS represent the ordinary least squares and fully modified ordinary least squares, respectively