Table 3. FMOLS estimation results...

Table 3.

FMOLS estimation results

Dependent variable: LNFDI
Variable	Coefficient	Std. error	t-statistic	Prob.
LNINDEX	2.167	1.883	2.446	0.022**
LNTO	1.883	0.562	3.353	0.003***
LNINFL	0.372	0.178	2.092	0.047**
LNGDPC	1.143	0.659	1.734	0.096*
LNEXC	−0.180	0.174	−1.036	0.311
R²	0.901
Adjusted R²	0.881

Dependent variable: LNFDI
Variable	Coefficient	Std. error	t-statistic	Prob.
LNINDEX	2.167	1.883	2.446	0.022**
LNTO	1.883	0.562	3.353	0.003***
LNINFL	0.372	0.178	2.092	0.047**
LNGDPC	1.143	0.659	1.734	0.096*
LNEXC	−0.180	0.174	−1.036	0.311
R²	0.901
Adjusted R²	0.881

Notes:

Quadratic-Spectral kernel and Newey – West automatic bandwidth were used to estimate the long-run covariance matrix. All variables included are natural logarithm; ***; **; * denote rejection of null hypothesis at 1%, 5% and 10% significance levels, respectively

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