Table 4 DCCE-multidimensional estimated...

Table 4

DCCE-multidimensional estimated results

	HEDEV		HIDEV		HLDEV
	(9)	(10)	(11)	(12)	(13)	(14)
L.HDEV	0.160*** (0.050)	0.0268 (0.051)	0.0292 (0.046)	−0.024 (0.049)	0.794*** (0.031)	0.799*** (0.033)
DINV	0.0096 (0.007)	0.0119 (0.011)	0.025*** (0.007)	0.019*** (0.005)	0.0006 (0.002)	0.0016 (0.003)
XDBT	−0.0071 (0.0043	−0.0063 (0.004)	−0.020*** (0.006)	−0.020*** (0.006)	−0.0018** (0.0008)	−0.0018* (0.0011)
FDI		0.003*** (0.001)		0.001 (0.001)		0.0046 (0.002)
OPEN		−0.0117 (0.013)		0.022** (0.008)
FINDEV				0.0057 (0.005)		0.0019 (0.002)
constant	−0.0004 (0.001)	−0.007** (0.003)	−0.0003 (0.001)	0.0001 (0.003)	−0.0005 (0.002)	−0.0005 (0.002)
F-stat /	1.46 [0.00]	1.27 [0.00]	3.32 [0.00]	2.75 (0.00)	78.45 [0.00]	51.41 [0.00]
CD-stat	7.42 [0.00]	0.66 [0.00]	2.26 [0.02]	1.07 [0.29]	14.28 [0.00]	11.66 [0.00]
R-sq	0.74	0.66	0.56	0.42	0.44	0.41
No. obs	714	714	714	714	714	714

	HEDEV		HIDEV		HLDEV
	(9)	(10)	(11)	(12)	(13)	(14)
L.HDEV	0.160*** (0.050)	0.0268 (0.051)	0.0292 (0.046)	−0.024 (0.049)	0.794*** (0.031)	0.799*** (0.033)
DINV	0.0096 (0.007)	0.0119 (0.011)	0.025*** (0.007)	0.019*** (0.005)	0.0006 (0.002)	0.0016 (0.003)
XDBT	−0.0071 (0.0043	−0.0063 (0.004)	−0.020*** (0.006)	−0.020*** (0.006)	−0.0018** (0.0008)	−0.0018* (0.0011)
FDI		0.003*** (0.001)		0.001 (0.001)		0.0046 (0.002)
OPEN		−0.0117 (0.013)		0.022** (0.008)
FINDEV				0.0057 (0.005)		0.0019 (0.002)
constant	−0.0004 (0.001)	−0.007** (0.003)	−0.0003 (0.001)	0.0001 (0.003)	−0.0005 (0.002)	−0.0005 (0.002)
F-stat /	1.46 [0.00]	1.27 [0.00]	3.32 [0.00]	2.75 (0.00)	78.45 [0.00]	51.41 [0.00]
CD-stat	7.42 [0.00]	0.66 [0.00]	2.26 [0.02]	1.07 [0.29]	14.28 [0.00]	11.66 [0.00]
R-sq	0.74	0.66	0.56	0.42	0.44	0.41
No. obs	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

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