Dependent variable | ||||
The Akaike Information Criterion (AIC) used to select the shift structure in the ARDL model (1, 3, 4, 3, 2, 3, 4) | ||||
Short Run Form | ||||
Independent variables | Coefficients7 | T-Statistic | Probability | |
Constant | 0.031 | 4.2900.000 | ||
Corruption | −0.185 | −3.2420.031 | ||
Public investment | −0.243 | −3.1140.039 | ||
Growth | 0.023 | 2.4630.060 | ||
Investment conditions | 0.380 | 3.8310.025 | ||
Trade | 0.332 | 2.5560.048 | ||
Government stability | 0.254 | 5.0450.000 | ||
ECM(−1) | −0.346 | −5.9730.000 | ||
Long Run Form | ||||
Constant | 0.131 | 2.670 | 0.037 | |
Corruption | −2.180 | −3.264 | 0.000 | |
Public investment | 0.512 | 2.563 | 0.041 | |
Growth | 0.821 | 3.831 | 0.000 | |
Investment conditions | 1.061 | 2.382 | 0.047 | |
Trade | 0.602 | 3.204 | 0.000 | |
Government stability | 0.001 | 2.976 | 0.026 | |
Model Criteria R-squared 0.834AIC −2.741 Adj R-squared 0.621 F-statistic 8.953 Durbin-Watson stat 2.523 Prob (F-statistic) 0.002 | ||||