Table 5 Short-run estimates Dependent...

Table 5

Short-run estimates

Dependent variable = ΔlnSMD					Dependent = ΔlnFDI
	Coefficients	t-statistics			Coefficients	t-statistics
Constant	0.1193 ^*	1.8919	−0.0775	−0.9107	−0.0187	−0.8447
ΔlnFDI_t-1	−1.7086 ^***	−3.0903	−1.3441 ^**	−2.7418
ΔlnEXR_t-1	−0.5061	−0.5746			0.5094	1.7123
ΔlnINF_t-1	0.5051 ^***	3.0762	0.1932	1.4311
ΔlnINT_t-1	0.1931 ^*	1.9695	0.1632 ^*	1.8739
ΔlnBANK_t-1			2.8513 ^**	2.1978
ECM_t-1	−0.1358 ^***	−3.4679	−0.1331 ^***	−3.8953
Diagnostic tests
R²	0.5627		0.5846		0.5172
Adj. R²	0.3957		0.4289		0.4410
χ² LM	3.6444	p = 0.0563	6.9294	p = 0.0085	0.0526	p = 0.8186
χ² JB	1.9311	p = 0.3807	3.8961	p = 0.1425	0.8272	p = 0.6612
χ² BPG	13.2844	p = 0.0.2082	15.0011	p = 0.1320	3.3872	p = 0.4952

Dependent variable = ΔlnSMD					Dependent = ΔlnFDI
	Coefficients	t-statistics			Coefficients	t-statistics
Constant	0.1193 ^*	1.8919	−0.0775	−0.9107	−0.0187	−0.8447
ΔlnFDI_t-1	−1.7086 ^***	−3.0903	−1.3441 ^**	−2.7418
ΔlnEXR_t-1	−0.5061	−0.5746			0.5094	1.7123
ΔlnINF_t-1	0.5051 ^***	3.0762	0.1932	1.4311
ΔlnINT_t-1	0.1931 ^*	1.9695	0.1632 ^*	1.8739
ΔlnBANK_t-1			2.8513 ^**	2.1978
ECM_t-1	−0.1358 ^***	−3.4679	−0.1331 ^***	−3.8953
Diagnostic tests
R²	0.5627		0.5846		0.5172
Adj. R²	0.3957		0.4289		0.4410
χ² LM	3.6444	p = 0.0563	6.9294	p = 0.0085	0.0526	p = 0.8186
χ² JB	1.9311	p = 0.3807	3.8961	p = 0.1425	0.8272	p = 0.6612
χ² BPG	13.2844	p = 0.0.2082	15.0011	p = 0.1320	3.3872	p = 0.4952

Note(s): JB, Jarque–Bera test of normality; LM, Lagrange Multiplier test for serial correlation; BPG, Breush–Pagan–Godfrey test for heteroscedasticity. ^*, ^** and ^*** represent significant at 10, 5 and 1% levels, respectively

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