Fully modified OLS (FMOLS) and dynamic OLS (DOLS) estimations
| Variables | FMOLS | DOLS |
|---|---|---|
| MCAP | −0.120773*** (−4.177682) | −0.110681*** (−4.497695) |
| SVT | 0.239574** (2.456153) | 0.250892*** (3.069042) |
| M2_GDP | −0.056726* (−1.727675) | −0.113983** (−2.594691) |
| PHKAP | −0.577654*** (−4.812136) | −0.795682*** (−3.698983) |
| LAB | 0.532290*** (11.02542) | 0.652856*** (8.981402) |
| No. of countries | 9 | 9 |
| Observation | 215 | 156 |
| Hausman test | 5.879781 | 5.879781 |
| R-squared | 0.547207 | 0.547207 |
| Adjusted R-squared | 0.538582 | 0.538582 |
| SE. of regression | 7.807415 | 7.807415 |
| Long-run variance | 153.5994 | 153.5994 |
| Variables | FMOLS | DOLS |
|---|---|---|
| MCAP | −0.120773*** (−4.177682) | −0.110681*** (−4.497695) |
| SVT | 0.239574** (2.456153) | 0.250892*** (3.069042) |
| M2_GDP | −0.056726* (−1.727675) | −0.113983** (−2.594691) |
| PHKAP | −0.577654*** (−4.812136) | −0.795682*** (−3.698983) |
| LAB | 0.532290*** (11.02542) | 0.652856*** (8.981402) |
| No. of countries | 9 | 9 |
| Observation | 215 | 156 |
| Hausman test | 5.879781 | 5.879781 |
| 0.547207 | 0.547207 | |
| Adjusted | 0.538582 | 0.538582 |
| SE. of regression | 7.807415 | 7.807415 |
| Long-run variance | 153.5994 | 153.5994 |
Source(s): Author's assemblage: (***), (**) and (*) represent 1, 5 and 10% significance levels, respectively; t-statistics in parentheses
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