Table 7 Pooled mean group during-GFC...

Table 7

Pooled mean group during-GFC

PMG/ARDL model (1,1,1,1,1,1,1)
Variable	Coefficient	Std. error	t-statistic	Prob**
Long run equation
LSUK	−0.8599	0.3155	−2.7253	0.0101**
LGFCF	9.6175	3.0160	3.1887	0.0031**
LGGFE	17.202	4.9183	3.4977	0.0013**
LINF	6.1681	1.3306	4.6354	0.0001**
LTOPN	−26.348	7.6977	−3.4229	0.0016**
LFDI	115.74	34.289	3.3756	0.0019**
Short run equation
COINTEQ01	−0.0678	0.0250	−2.7078	0.0105**
D(LSUK)	−1.0697	0.7999	−1.3371	0.1901
D(LGFCF)	5.9847	14.999	0.3989	0.6924
D(LGGFE)	−72.216	51.268	−1.4086	0.1680
D(LINF)	−5.9133	6.5606	−0.9013	0.3738
D(LTOPN)	18.774	17.199	1.0915	0.2827
D(LFDI)	−58.189	39.778	−1.4628	0.1527

PMG/ARDL model (1,1,1,1,1,1,1)
Variable	Coefficient	Std. error	t-statistic	Prob**
Long run equation
LSUK	−0.8599	0.3155	−2.7253	0.0101**
LGFCF	9.6175	3.0160	3.1887	0.0031**
LGGFE	17.202	4.9183	3.4977	0.0013**
LINF	6.1681	1.3306	4.6354	0.0001**
LTOPN	−26.348	7.6977	−3.4229	0.0016**
LFDI	115.74	34.289	3.3756	0.0019**
Short run equation
COINTEQ01	−0.0678	0.0250	−2.7078	0.0105**
D(LSUK)	−1.0697	0.7999	−1.3371	0.1901
D(LGFCF)	5.9847	14.999	0.3989	0.6924
D(LGGFE)	−72.216	51.268	−1.4086	0.1680
D(LINF)	−5.9133	6.5606	−0.9013	0.3738
D(LTOPN)	18.774	17.199	1.0915	0.2827
D(LFDI)	−58.189	39.778	−1.4628	0.1527

Note(s): This table presents PMG-ARDL (1,1,1,1,1,1,1) outcomes for the during-GFC period. It reports long-run coefficients along with short-run dynamics captured by the error correction term and first-differenced explanatory variables. Statistical significance at the 5% level is indicated by**

Source(s): Authors’ own calculations

[ViewLarge]

Sharing Unavailable