Table 2. Panel ARDL results... | Emerald Publishing

Table 2.

Panel ARDL results (Misalignment_30)

	Pooled mean group		Mean group		Dynamic fixed effects
	Coef.	Std. error	Coef.	Std. error	Coef.	Std. error
Long-run coefficients
Mis_30	−1.8741***	0.4886	−5.3945***	2.6861	−1.1599*	0.6319
Pop	0.4923***	0.0919	0.3250	1.6706	0.4366***	0.1202
HK	0.4432***	0.0805	0.7989	0.6427	0.0818	0.0635
INF	−0.0897***	0.0120	−0.2395***	0.0666	−0.0244***	0.0048
OPEN	0.0124***	0.0051	0.0898***	0.0244	−0.0027	0.0094
UN	−0.0588**	0.0256	−1.4520***	0.6168	−0.0110	0.0403
Error-correction coefficient
ECT (−1)	−0.8756***	0.0311	−1.1504***	0.0310	−0.8461***	0.0342
ΔMis30	0.0292	2.0803	3.3010	2.7502	2.6291**	1.2614
ΔPop	0.3530	1.1399	1.3864	1.9228	−0.1352*	0.0754
ΔHK	0.5220	0.3854	−0.1829	0.6417	0.4792***	0.1042
ΔINF	0.0299	0.0275	0.1340***	0.0473	0.0015	0.0022
ΔOPEN	0.1178***	0.0187	0.0587**	0.0258	0.0562***	0.0120
ΔUN	−1.7002***	0.2837	−0.3109	0.5998	−1.3283***	0.0972
Intercept	−23.0660***	1.0435	−51.0558	43.8662	−1.0028	3.6662
BIC	9,783.89		9,856.74		9,976.52
AIC	9,696.14		9,816.01		9,880.12
Observations	25,66		2,566		2,566
Hausman test			5.99⁽ⁱ⁾ (0.4238)		8.36⁽ⁱⁱ⁾ (0.5596)

	Pooled mean group		Mean group		Dynamic fixed effects
	Coef.	Std. error	Coef.	Std. error	Coef.	Std. error
Long-run coefficients
Mis_30	−1.8741***	0.4886	−5.3945***	2.6861	−1.1599*	0.6319
Pop	0.4923***	0.0919	0.3250	1.6706	0.4366***	0.1202
HK	0.4432***	0.0805	0.7989	0.6427	0.0818	0.0635
INF	−0.0897***	0.0120	−0.2395***	0.0666	−0.0244***	0.0048
OPEN	0.0124***	0.0051	0.0898***	0.0244	−0.0027	0.0094
UN	−0.0588**	0.0256	−1.4520***	0.6168	−0.0110	0.0403
Error-correction coefficient
ECT (−1)	−0.8756***	0.0311	−1.1504***	0.0310	−0.8461***	0.0342
ΔMis30	0.0292	2.0803	3.3010	2.7502	2.6291**	1.2614
ΔPop	0.3530	1.1399	1.3864	1.9228	−0.1352*	0.0754
ΔHK	0.5220	0.3854	−0.1829	0.6417	0.4792***	0.1042
ΔINF	0.0299	0.0275	0.1340***	0.0473	0.0015	0.0022
ΔOPEN	0.1178***	0.0187	0.0587**	0.0258	0.0562***	0.0120
ΔUN	−1.7002***	0.2837	−0.3109	0.5998	−1.3283***	0.0972
Intercept	−23.0660***	1.0435	−51.0558	43.8662	−1.0028	3.6662
BIC	9,783.89		9,856.74		9,976.52
AIC	9,696.14		9,816.01		9,880.12
Observations	25,66		2,566		2,566
Hausman test			5.99⁽ⁱ⁾(0.4238)		8.36⁽ⁱⁱ⁾(0.5596)

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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