Table 4

PMG-ARDL error-correction results – debt service/exports

VariablePMG long-runPMG short runMG long-runDFE long-run
Long-run coefficients
External debt stocks (% GNI)0.298***–0.312***0.275***
(0.044) (0.068)(0.052)
Natural resource depletion0.441**–0.389*0.402**
(0.188) (0.224)(0.195)
Adjusted net savings−0.286*–−0.318−0.264*
(0.162) (0.241)(0.148)
Natural resource rents−0.044–−0.082−0.038
(0.098) (0.142)(0.088)
GDP growth−0.188***–−0.201***−0.172***
(0.048) (0.072)(0.055)
Governance index−0.342***–−0.298**−0.328***
(0.112) (0.148)(0.118)
Short-run coefficients
Error correction (ϕ)–−0.462***−0.518***−0.441***
 (0.088)(0.102)(0.078)
Δ External debt stocks–0.052***0.048**0.055***
 (0.018)(0.022)(0.016)
Δ Natural resource depletion–0.0280.0240.031
 (0.024)(0.028)(0.022)
Δ GDP growth–−0.088***−0.092***−0.084***
 (0.022)(0.028)(0.020)
Observations405405405405
Hausman test (p-value)  0.2840.412

Note(s): PMG = Pooled Mean Group; MG = Mean Group; DFE = Dynamic Fixed Effects. Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.10. Hausman test compares PMG to MG (or DFE); high p-values indicate failure to reject the long-run homogeneity restriction

Source(s): Author's computation using Stata 18 (2025)
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