Table 8 Pooled mean group post-GFC...

Table 8

Pooled mean group post-GFC

PMG/ARDL model (2,4,4,4,4,4,4)
Variable	Coefficient	Std. error	t-statistic	Prob**
Long run equation
LSUK	0.2071	0.0456	4.5432	0.0000**
LGFCF	−0.0556	0.2822	−0.1973	0.8438
LGGFE	−0.0615	0.4544	−0.1354	0.8924
LINF	1.0175	0.0327	31.115	0.0000**
LTOPN	2.6461	0.2686	9.8514	0.0000**
LFDI	−11.387	2.0141	−5.6536	0.0000**
Short run equation
COINTEQ01	−0.4375	0.1312	−3.3336	0.0010**
D(LSUK)	−0.0786	0.1954	−0.4024	0.6878
D(LGFCF)	4.7011	3.0813	1.5256	0.1287
D(LGGFE(-2))	2.3903	1.0521	2.2718	0.0242**
D(LINF(-2))	−0.1608	0.0546	−2.9443	0.0036**
D(LTOPN)	6.0985	1.9323	3.1560	0.0019**
D(LFDI(-1))	12.748	6.3956	1.9932	0.0476**

PMG/ARDL model (2,4,4,4,4,4,4)
Variable	Coefficient	Std. error	t-statistic	Prob**
Long run equation
LSUK	0.2071	0.0456	4.5432	0.0000**
LGFCF	−0.0556	0.2822	−0.1973	0.8438
LGGFE	−0.0615	0.4544	−0.1354	0.8924
LINF	1.0175	0.0327	31.115	0.0000**
LTOPN	2.6461	0.2686	9.8514	0.0000**
LFDI	−11.387	2.0141	−5.6536	0.0000**
Short run equation
COINTEQ01	−0.4375	0.1312	−3.3336	0.0010**
D(LSUK)	−0.0786	0.1954	−0.4024	0.6878
D(LGFCF)	4.7011	3.0813	1.5256	0.1287
D(LGGFE(-2))	2.3903	1.0521	2.2718	0.0242**
D(LINF(-2))	−0.1608	0.0546	−2.9443	0.0036**
D(LTOPN)	6.0985	1.9323	3.1560	0.0019**
D(LFDI(-1))	12.748	6.3956	1.9932	0.0476**

Note(s): This table presents PMG-ARDL (2,4,4,4,4,4,4) estimates for the post-GFC period, showing long-run coefficients and short-run dynamics via the error correction term and first-differenced explanatory variables. ** indicates 5% significance

Source(s): Authors’ own calculations

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