Table 9 Pooled mean group full sample...

Table 9

Pooled mean group full sample

PMG/ARDL model (4,8,8,8,8,8,8,8)
Variable	Coefficient	Std. error	t-statistic	Prob**
Long run equation
LSUK	0.2270	0.0497	4.5624	0.0000**
LGFCF	2.7912	0.4037	6.9127	0.0000**
LGGFE	1.6730	0.5154	3.2458	0.0014**
LINF	0.5645	0.0406	13.886	0.0000**
LTOPN	−1.2377	0.1843	−6.7138	0.0000**
LFDI	14.642	1.8053	8.1107	0.0000**
DUMMY_GFC	−0.5323	0.0629	−8.4516	0.0000**
Short run equation
COINTEQ01	−0.3995	0.1577	−2.5321	0.0121**
D(LSUK)	0.0671	0.0993	0.6751	0.5004
D(LGFCF)	4.2471	2.5424	1.6704	0.0964
D(LGGFE(-2))	2.8326	2.6373	1.0740	0.2841
D(LINF(-6))	0.2954	0.1380	2.1398	0.0336**
D(LTOPN)	3.5552	4.6708	0.7611	0.4475
D(LFDI)	1.8872	12.316	0.1532	0.8784
D(DUMMY_GFC)	0.0777	0.3711	0.2095	0.8342

PMG/ARDL model (4,8,8,8,8,8,8,8)
Variable	Coefficient	Std. error	t-statistic	Prob**
Long run equation
LSUK	0.2270	0.0497	4.5624	0.0000**
LGFCF	2.7912	0.4037	6.9127	0.0000**
LGGFE	1.6730	0.5154	3.2458	0.0014**
LINF	0.5645	0.0406	13.886	0.0000**
LTOPN	−1.2377	0.1843	−6.7138	0.0000**
LFDI	14.642	1.8053	8.1107	0.0000**
DUMMY_GFC	−0.5323	0.0629	−8.4516	0.0000**
Short run equation
COINTEQ01	−0.3995	0.1577	−2.5321	0.0121**
D(LSUK)	0.0671	0.0993	0.6751	0.5004
D(LGFCF)	4.2471	2.5424	1.6704	0.0964
D(LGGFE(-2))	2.8326	2.6373	1.0740	0.2841
D(LINF(-6))	0.2954	0.1380	2.1398	0.0336**
D(LTOPN)	3.5552	4.6708	0.7611	0.4475
D(LFDI)	1.8872	12.316	0.1532	0.8784
D(DUMMY_GFC)	0.0777	0.3711	0.2095	0.8342

Note(s): This table shows PMG-ARDL (4,8,8,8,8,8,8,8) estimates for the full-sample period, reporting long-run coefficients and short-run adjustments through the error correction term and first- or lagged-differenced variables. Statistical significance at 5% is indicated by**

Source(s): Authors’ own calculations

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