Table 1. Panel ARDL results... | Emerald Publishing

Table 1.

Panel ARDL results (Misalignment_186)

	Pooled mean group		Mean group		Dynamic fixed effects
	Coef.	Std. error	Coef.	Std. error	Coef.	Std. error
Long-run coefficients
Mis_186	−1.9618***	0.4723	−0.7001***	2.7031	−1.1758*	0.6368
Pop	0.5380***	0.0860	0.4133	1.7159	0.4354***	0.1196
HK	0.4559***	0.0802	0.7704	0.6420	0.0776	0.0647
INF	−0.0862***	0.0118	−0.2322***	0.0662	−0.0242***	0.0048
OPEN	0.0138***	0.0052	0.0846***	0.0239	−0.0027	0.0094
UN	−0.0862**	0.0118	−1.4384**	0.6247	−0.0094	0.0404
Error-correction coefficient
ECT (−1)	−0.8789***	0.0310	−1.1586***	0.0312	−0.8456***	0.0342
ΔMis186	−0.6686	2.1087	4.2609	2.7846	2.2195*	1.2480
ΔPop	0.4552	1.1303	1.7979	1.9106	−0.1361*	0.0751
ΔHK	0.4826	0.3827	−0.1593	0.6369	0.4796***	0.1044
ΔINF	0.0277	0.0273	0.1274***	0.0478	0.0015	0.0021
ΔOPEN	0.1143***	0.0178	0.0621***	0.0258	0.0554***	0.0119
Δ	−1.7488***	0.2946	−0.3973	0.6089	−1.3305***	0.0973
Intercept	−24.0796***	1.0813	−51.3916	44.0457	−0.7777	3.7228
BIC	9,799.67		9,865.45		9,980.21
AIC	9,711.92		9,817.60		9,880.48
Observations	2,566		2,566		2,566
Hausman test			6.25⁽ⁱ⁾ (0.3953)		8.96⁽ⁱⁱ⁾ (0.5698)

	Pooled mean group		Mean group		Dynamic fixed effects
	Coef.	Std. error	Coef.	Std. error	Coef.	Std. error
Long-run coefficients
Mis_186	−1.9618***	0.4723	−0.7001***	2.7031	−1.1758*	0.6368
Pop	0.5380***	0.0860	0.4133	1.7159	0.4354***	0.1196
HK	0.4559***	0.0802	0.7704	0.6420	0.0776	0.0647
INF	−0.0862***	0.0118	−0.2322***	0.0662	−0.0242***	0.0048
OPEN	0.0138***	0.0052	0.0846***	0.0239	−0.0027	0.0094
UN	−0.0862**	0.0118	−1.4384**	0.6247	−0.0094	0.0404
Error-correction coefficient
ECT (−1)	−0.8789***	0.0310	−1.1586***	0.0312	−0.8456***	0.0342
ΔMis186	−0.6686	2.1087	4.2609	2.7846	2.2195*	1.2480
ΔPop	0.4552	1.1303	1.7979	1.9106	−0.1361*	0.0751
ΔHK	0.4826	0.3827	−0.1593	0.6369	0.4796***	0.1044
ΔINF	0.0277	0.0273	0.1274***	0.0478	0.0015	0.0021
ΔOPEN	0.1143***	0.0178	0.0621***	0.0258	0.0554***	0.0119
Δ	−1.7488***	0.2946	−0.3973	0.6089	−1.3305***	0.0973
Intercept	−24.0796***	1.0813	−51.3916	44.0457	−0.7777	3.7228
BIC	9,799.67		9,865.45		9,980.21
AIC	9,711.92		9,817.60		9,880.48
Observations	2,566		2,566		2,566
Hausman test			6.25⁽ⁱ⁾(0.3953)		8.96⁽ⁱⁱ⁾(0.5698)

Note:

*, ** and ***indicate significance at 10, 5 and 1%, respectively.

^aUnder the null hypothesis, PMG is more efficient estimation than MG;

^bPMG is more efficient estimation than DFE under the null hypothesis. In brackets are the associated p-values

Source: Authors’ own elaboration

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