Results of robustness check with fixed-effect regression results (for sample periods of 1991–2011 and 2012–2020)
| GDP PPP | Fixed-effect regression (1991–2011) | Fixed-effect regression (2012–2020) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| INF | 265.022 (0.328) | 271.361 (0.435) | 185.018 (0.582) | −216.407 (0.660) | −60.644 (0.840) | 157.272 (0.637) | −1487.207 (0.004) | −1147.532 (0.024) | −1026.249 (0.024) | −1463.062 (0.006) | −508.391 (0.246) | −916.471 (0.065) |
| FDI(−1) | 5.453 (0.899) | 102.084 (0.074) | 95.287 (0.101) | 100.484 (0.080) | 64.827 (0.201) | 103.644 (0.068) | 75.673 (0.387) | 51.963 (0.532) | 146.509 (0.061) | 80.120 (0.373) | 139.089 (0.051) | 103.785 (0.196) |
| DCPS | 41.325 (0.000) | 49.358 (0.000) | 48.321 (0.000) | 46.737 (0.000) | 33.370 (0.000) | 46.780 (0.000) | 19.984 (0.447) | 4.507 (0.860) | 10.231 (0.650) | 20.349 (0.444) | −6.689 (0.753) | 19.950 (0.402) |
| EXCH | 36.591 (0.000) | 48.670 (0.000) | 45.167 (0.000) | 44.754 (0.000) | 39.193 (0.000) | 44.224 (0.000) | 37.501 (0.059) | 32.779 (0.082) | 19.776 (0.254) | 37.232 (0.064) | 50.456 (0.000) | 42.121 (0.021) |
| LF | −201.547 (0.015) | −212.908 (0.039) | −211.365 (0.050) | −237.014 (0.050) | −208.474 (0.029) | −208.943 (0.041) | 33.990 (0.786) | 31.293 (0.039) | 23.182 (0.829) | 43.742 (0.740) | 259.325 (0.029) | 216.717 (0.095) |
| PS | 195.601 (0.337) | 1177.256 (0.021) | ||||||||||
| RL | −216.407 (0.685) | 4037.871 (0.000) | ||||||||||
| GEF | −221.000 (0.701) | 305.6505 (0.781) | ||||||||||
| RQ | −1790.753 (0.000) | 3866.163 (0.000) | ||||||||||
| CC | −801.569 (0.176) | 2467.098 (0.003) | ||||||||||
| C | 12300.330 (0.021) | 12378.720 (0.062) | 12299.150 (0.077) | 13959.860 (0.046) | 12239.640 (0.036) | 11945.830 (0.071) | 2222.305 (0.773) | 4152.987 (0.572) | 6257.219 (0.350) | 1787.791 (0.822) | −9044.954 (0.166) | −7935.662 (0.306) |
| F | 49.39 (0.000) | 21.38 (0.000) | 21.04 (0.000) | 21.03 (0.000) | 30.98 (0.000) | 21.80 (0.000) | 8.16 (0.000) | 8.55 (0.000) | 12.00 (0.000) | 21.03 (0.000) | 15.42 (0.000) | 9.93 (0.000) |
| R-Square | 0.665 | 0.631 | 0.627 | 0.627 | 0.712 | 0.635 | 0.498 | 0.5620 | 0.6429 | 0.627 | 0.6981 | 0.5984 |
| GDP PPP | Fixed-effect regression (1991–2011) | Fixed-effect regression (2012–2020) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| INF | 265.022 (0.328) | 271.361 (0.435) | 185.018 (0.582) | −216.407 (0.660) | −60.644 (0.840) | 157.272 (0.637) | −1487.207 (0.004) | −1147.532 (0.024) | −1026.249 (0.024) | −1463.062 (0.006) | −508.391 (0.246) | −916.471 (0.065) |
| FDI(−1) | 5.453 (0.899) | 102.084 (0.074) | 95.287 (0.101) | 100.484 (0.080) | 64.827 (0.201) | 103.644 (0.068) | 75.673 (0.387) | 51.963 (0.532) | 146.509 (0.061) | 80.120 (0.373) | 139.089 (0.051) | 103.785 (0.196) |
| DCPS | 41.325 (0.000) | 49.358 (0.000) | 48.321 (0.000) | 46.737 (0.000) | 33.370 (0.000) | 46.780 (0.000) | 19.984 (0.447) | 4.507 (0.860) | 10.231 (0.650) | 20.349 (0.444) | −6.689 (0.753) | 19.950 (0.402) |
| EXCH | 36.591 (0.000) | 48.670 (0.000) | 45.167 (0.000) | 44.754 (0.000) | 39.193 (0.000) | 44.224 (0.000) | 37.501 (0.059) | 32.779 (0.082) | 19.776 (0.254) | 37.232 (0.064) | 50.456 (0.000) | 42.121 (0.021) |
| LF | −201.547 (0.015) | −212.908 (0.039) | −211.365 (0.050) | −237.014 (0.050) | −208.474 (0.029) | −208.943 (0.041) | 33.990 (0.786) | 31.293 (0.039) | 23.182 (0.829) | 43.742 (0.740) | 259.325 (0.029) | 216.717 (0.095) |
| PS | 195.601 (0.337) | 1177.256 (0.021) | ||||||||||
| RL | −216.407 (0.685) | 4037.871 (0.000) | ||||||||||
| GEF | −221.000 (0.701) | 305.6505 (0.781) | ||||||||||
| RQ | −1790.753 (0.000) | 3866.163 (0.000) | ||||||||||
| CC | −801.569 (0.176) | 2467.098 (0.003) | ||||||||||
| C | 12300.330 (0.021) | 12378.720 (0.062) | 12299.150 (0.077) | 13959.860 (0.046) | 12239.640 (0.036) | 11945.830 (0.071) | 2222.305 (0.773) | 4152.987 (0.572) | 6257.219 (0.350) | 1787.791 (0.822) | −9044.954 (0.166) | −7935.662 (0.306) |
| 49.39 (0.000) | 21.38 (0.000) | 21.04 (0.000) | 21.03 (0.000) | 30.98 (0.000) | 21.80 (0.000) | 8.16 (0.000) | 8.55 (0.000) | 12.00 (0.000) | 21.03 (0.000) | 15.42 (0.000) | 9.93 (0.000) | |
| 0.665 | 0.631 | 0.627 | 0.627 | 0.712 | 0.635 | 0.498 | 0.5620 | 0.6429 | 0.627 | 0.6981 | 0.5984 | |
Note(s): Number in parentheses are p-value
Source(s): Author’s calculation