Table 5

PMG regression with moderation results

IIIIIIIVVVIVII
Long run
L.lnK0.595***0.494***0.477***−0.4250.423***−0.3900.391***
(0.092)(0.064)(0.067)(0.269)(0.060)(0.261)(0.061)
L.lnC0.146*0.283***0.300***0.270***2.8420.295***3.053
(0.067)(0.058)(0.059)(0.055)(1.916)(0.055)(1.790)
Short run
ECT−0.274***−0.369***−0.356***−0.404***−0.420***−0.389***−0.405***
(0.034)(0.039)(0.038)(0.038)(0.040)(0.038)(0.040)
D.lnK0.130*0.132*0.129*−0.211***0.123*−0.190**0.115*
(0.058)(0.056)(0.057)(0.060)(0.052)(0.060)(0.052)
D.lnC0.185**0.214***0.209***0.208**1.275***0.208**1.312***
(0.062)(0.061)(0.060)(0.065)(0.133)(0.064)(0.136)
lnI−0.058***−0.049***−0.048***−0.053***−0.046***−0.053***−0.046***
(0.010)(0.010)(0.009)(0.009)(0.012)(0.009)(0.011)
lnO0.019−0.0050.0110.053−0.0290.067−0.018
(0.057)(0.057)(0.057)(0.050)(0.062)(0.052)(0.062)
lnG0.300***0.467**0.378*0.467**0.492**0.396*0.429**
(0.081)(0.175)(0.159)(0.181)(0.168)(0.157)(0.149)
lnY −0.024 −0.4340.956  
 (1.275) (1.452)(0.990)  
lnM  0.462  0.2291.666
  (1.360)  (1.489)(1.113)
lnK*Y   0.317***   
   (0.065)   
lnC*Y    −1.072***  
    (0.139)  
lnK*M     0.297*** 
     (0.065) 
lnC*M      −1.124***
      (0.142)
Constant−1.845**−3.086−4.413−2.807−2.776−4.881−4.866
(0.665)(5.409)(5.095)(6.247)(4.651)(5.519)(3.794)
Observations1,0361,0361,0361,0351,0361,0351,036
N_g37.00037.00037.00037.00037.00037.00037.000

Note(s): Standard errors are in parentheses ***p < 0.001, **p < 0.01, *p < 0.05

Source(s): Table by author

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