Table 3 DCCE-HDEV estimated results...

Table 3

DCCE-HDEV estimated results

	DCCE-estimate
	Dependent variable: HDEV
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
L.HDEV	0.222*** (0.056)	0.189*** (0.055)	0.206*** (0.056)	0.118** (0.059)	0.192*** (0.053)	0.137** (0.062)	0.105* (0.057)	0.113* (0.07)
DINV	0.014*** (0.004)		0.0127** (0.005)	0.012** (0.005)	0.011** (0.005)	0.013** (0.005)	0.012** (0.005)	0.012** (0.005)
XDBT		−0.011*** (0.003)	−0.010*** (0.003)	−0.010*** (0.003)	−0.009*** (0.003)	−0.010** (0.003)	−0.009*** (0.03)	−0.007** (0.003)
FDI				0.001* (0.0003)			0.001* (0.0003)
OPEN					0.0100* (0.005)		0.003 (0.005)	0.007 (0.006)
FINDEV						−0.005 (0.004)		−0.006* (0.004)
constant	0.001 (0.001)	0.001 (0.001)	0.001 (0.001)	−0.001 (0.002)	0.001 (0.001)	0.002 (0.001)	−0.001 (0.002)	0.002 (0.001)
F-stat/	4.57 [0.00]	4.66 [0.00]	4.18 [0.00]	3.68 [0.00]	3.51 [0.00]	3.77 (0.00)	3.20 [0.00]	3.26 [0.00]
CD-stat	10.29 [0.00]	8.80 [0.00]	8.66 [0.00]	10.23 [0.00]	8.75 [0.00]	7.24 (0.00)	10.30 [0.00]	7.34 [0.00]
R-sq	0.56	0.55	0.49	0.45	0.46	0.45	0.42	0.42
No obs	714	714	714	714	714	714	714	714

	DCCE-estimate
	Dependent variable: HDEV
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
L.HDEV	0.222*** (0.056)	0.189*** (0.055)	0.206*** (0.056)	0.118** (0.059)	0.192*** (0.053)	0.137** (0.062)	0.105* (0.057)	0.113* (0.07)
DINV	0.014*** (0.004)		0.0127** (0.005)	0.012** (0.005)	0.011** (0.005)	0.013** (0.005)	0.012** (0.005)	0.012** (0.005)
XDBT		−0.011*** (0.003)	−0.010*** (0.003)	−0.010*** (0.003)	−0.009*** (0.003)	−0.010** (0.003)	−0.009*** (0.03)	−0.007** (0.003)
FDI				0.001* (0.0003)			0.001* (0.0003)
OPEN					0.0100* (0.005)		0.003 (0.005)	0.007 (0.006)
FINDEV						−0.005 (0.004)		−0.006* (0.004)
constant	0.001 (0.001)	0.001 (0.001)	0.001 (0.001)	−0.001 (0.002)	0.001 (0.001)	0.002 (0.001)	−0.001 (0.002)	0.002 (0.001)
F-stat/	4.57 [0.00]	4.66 [0.00]	4.18 [0.00]	3.68 [0.00]	3.51 [0.00]	3.77 (0.00)	3.20 [0.00]	3.26 [0.00]
CD-stat	10.29 [0.00]	8.80 [0.00]	8.66 [0.00]	10.23 [0.00]	8.75 [0.00]	7.24 (0.00)	10.30 [0.00]	7.34 [0.00]
R-sq	0.56	0.55	0.49	0.45	0.46	0.45	0.42	0.42
No obs	714	714	714	714	714	714	714	714

Note(s): ^***,** and ^* are the respective significant level at 1, 5 and 10%. F-stat, is the Fisher statistics, CD-stat is the cross-sectional dependence statistics, R-sq coefficient of determination, [ ] are p-values and ( ) are the standard errors

Source(s): Authors computation from STATA 17

[ViewLarge]

Sharing Unavailable