Long-run relationship and bound tests results
| Level equations | RGDPG | SMC | SMT | SVT |
|---|---|---|---|---|
| RGDPG | 35.37887 | −0.102007 | 0.047761 | |
| SMC | −0.02 | −0.002246 | 0.011059*** | |
| SMT | −0.950811** | −27.02825 | 0.487414*** | |
| SVT | 1.199294* | 12.06102 | 0.683616 | |
| Bound tests F-value | 12.26063*** | 2.662932 | 17.15819*** | 12.96939*** |
| 10% | 5% | 1% | ||
| Finite sample: n = 70 | I (0) | 3.615 | 4.235 | 5.663 |
| k = 3 | I (1) | 4.635 | 5.363 | 6.953 |
| Level equations | RGDPG | SMC | SMT | SVT |
|---|---|---|---|---|
| RGDPG | 35.37887 | −0.102007 | 0.047761 | |
| SMC | −0.02 | −0.002246 | 0.011059 | |
| SMT | −0.950811 | −27.02825 | 0.487414 | |
| SVT | 1.199294 | 12.06102 | 0.683616 | |
| Bound tests | 12.26063 | 2.662932 | 17.15819 | 12.96939 |
| 10% | 5% | 1% | ||
| Finite sample: | I (0) | 3.615 | 4.235 | 5.663 |
| k = 3 | I (1) | 4.635 | 5.363 | 6.953 |
Notes:
Critical values for the bounds test: case V: unrestricted intercept and unrestricted trend, Narayan (2005, p. 1990);
***,
** and
*indicate statistical significance at 1, 5 and 10% respectively