Results of robustness check with pooled OLS and GMM analysis
| GDP PPP | Results of pooled OLS | Results of GMM analysis | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| INF(t−1) | 1.017 (0.000) | 1.013 (0.000) | 0.996 (0.000) | 1.017 (0.000) | 1.012 (0.000) | 1.013 (0.000) | ||||||
| INF | −3854.598 (0.000) | −2357.628 (0.000) | −4393.345 (0.000) | −4140.617 (0.000) | −3949.565 (0.000) | −4232.522 (0.000) | 50.478 (0.613) | 238.373 (0.182) | 40.443 (0.803) | 138.63 (0.391) | 91.538 (0.574) | 103.89 (0.511) |
| FDI (−1) | −67.341 (0.666) | 0.841 (0.996) | −17.313 (0.929) | −36.367 (0.848) | −41.695 (0.829) | −4.204 (0.982) | 46.245 (0.011) | 50.373 (0.028) | 45.068 (0.053) | 47.695 (0.040) | 47.867 (0.040) | 47.999 (0.039) |
| DCPS | 117.311 (0.000) | 70.819 (0.000) | 95.044 (0.000) | 102.269 (0.000) | 103.035 (0.000) | 110.851 (0.000) | −0.567 (0.859) | −5.761 (0.306) | −0.148 (0.977) | −1.618 (0.744) | −1.510 (0.762) | −1.464 (0.768) |
| EXCH | −4.803 (0.540) | 13.603 (0.094) | −7.317 (0.405) | −0.921 (0.917) | −11.364 (0.196) | −5.019 (0.559) | 2.520 (0.175) | 1.969 (0.574) | 3.236 (0.375) | 2.760 (0.443) | 2.268 (0.528) | 2.163 (0.543) |
| LF | −108.806 (0.000) | −170.583 (0.000) | −144.174 (0.000) | −136.708 (0.000) | −129.650 (0.000) | −166.903 (0.000) | −11.114 (0.524) | −14.651 (0.527) | −11.374 (0.623) | −1.571 (0.949) | −9.196 (0.701) | −7.262 (0.761) |
| PS | 2101.126 (0.000) | 179.336 (0.124) | ||||||||||
| RL | 1997.587 (0.000) | −308.26 (0.263) | ||||||||||
| GEF | 2400.696 (0.000) | 244.90 (0.373) | ||||||||||
| RQ | 2860.110 (0.000) | −18.988 (0.926) | ||||||||||
| CC | 1887.298 (0.000) | 55.076 (0.240) | ||||||||||
| C | 10696.550 (0.000) | 15852.50 (0.000) | 15185.67 (0.000) | 13958.24 (0.000) | 14798.75 (0.000) | 15834.10 (0.000) | 660.39 (0.559) | 1143.67 (0.457) | 598.20 (0.691) | 146.76 (0.926) | 583.53 (0.705) | 499.40 (0.330) |
| GDP PPP | Results of pooled OLS | Results of GMM analysis | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 1 | 2 | 3 | 4 | 5 | 6 | |
| INF( | 1.017 (0.000) | 1.013 (0.000) | 0.996 (0.000) | 1.017 (0.000) | 1.012 (0.000) | 1.013 (0.000) | ||||||
| INF | −3854.598 (0.000) | −2357.628 (0.000) | −4393.345 (0.000) | −4140.617 (0.000) | −3949.565 (0.000) | −4232.522 (0.000) | 50.478 (0.613) | 238.373 (0.182) | 40.443 (0.803) | 138.63 (0.391) | 91.538 (0.574) | 103.89 (0.511) |
| FDI (−1) | −67.341 (0.666) | 0.841 (0.996) | −17.313 (0.929) | −36.367 (0.848) | −41.695 (0.829) | −4.204 (0.982) | 46.245 (0.011) | 50.373 (0.028) | 45.068 (0.053) | 47.695 (0.040) | 47.867 (0.040) | 47.999 (0.039) |
| DCPS | 117.311 (0.000) | 70.819 (0.000) | 95.044 (0.000) | 102.269 (0.000) | 103.035 (0.000) | 110.851 (0.000) | −0.567 (0.859) | −5.761 (0.306) | −0.148 (0.977) | −1.618 (0.744) | −1.510 (0.762) | −1.464 (0.768) |
| EXCH | −4.803 (0.540) | 13.603 (0.094) | −7.317 (0.405) | −0.921 (0.917) | −11.364 (0.196) | −5.019 (0.559) | 2.520 (0.175) | 1.969 (0.574) | 3.236 (0.375) | 2.760 (0.443) | 2.268 (0.528) | 2.163 (0.543) |
| LF | −108.806 (0.000) | −170.583 (0.000) | −144.174 (0.000) | −136.708 (0.000) | −129.650 (0.000) | −166.903 (0.000) | −11.114 (0.524) | −14.651 (0.527) | −11.374 (0.623) | −1.571 (0.949) | −9.196 (0.701) | −7.262 (0.761) |
| PS | 2101.126 (0.000) | 179.336 (0.124) | ||||||||||
| RL | 1997.587 (0.000) | −308.26 (0.263) | ||||||||||
| GEF | 2400.696 (0.000) | 244.90 (0.373) | ||||||||||
| RQ | 2860.110 (0.000) | −18.988 (0.926) | ||||||||||
| CC | 1887.298 (0.000) | 55.076 (0.240) | ||||||||||
| C | 10696.550 (0.000) | 15852.50 (0.000) | 15185.67 (0.000) | 13958.24 (0.000) | 14798.75 (0.000) | 15834.10 (0.000) | 660.39 (0.559) | 1143.67 (0.457) | 598.20 (0.691) | 146.76 (0.926) | 583.53 (0.705) | 499.40 (0.330) |
Note(s): Number in parentheses are p-value
Source(s): Author’s calculation