Short run dynamic | FFC | FBC | ||
Model 1 | Model 2 | Model 1 | Model2 | |
Cointeq01 | −0.6585*** (0.00) | −0.8475*** (0.00) | −0.8582*** (0.00) | −0.4722*** (0.00) |
D (GDP (−1)) | −0.080749 (0.4) | 0.012191 (0.3) | 0.112856 (0.2) | −0.015837 (0.1) |
D (DEBT) | −0.2367* (0.07) | −0.116035 (0.8) | −0.245797** (0.03) | −0.177925*** (0.00) |
D (FDI) | −0.593135 (0.3) | −0.5663 (0.1) | 0.1377 (0.4) | −0.0878 (0.3) |
D (INV) | 0.579119* (0.09) | 0.605358** (0.02) | 0.219225*** (0.00) | 0.054121 (0.8) |
D (SDEBT) | −0.431262 (0.4) | −0.983017 (0.1) | 1.3747*** (0.00) | 1.127910** (0.02) |
D (TRADE) |
| −0.059513 (0.5) |
| 0.028563 (0.3) |
D (THE) |
| −2.121215** (0.01) |
| −1.540696 (0.2) |
C | −1.03188 (0.9) |
| 3.729443*** (0.00) |
|
Long-run dynamic |
|
|
|
|
DEBT | −0.0469*** (0.00) | −0.0489*** (0.00) | 0.0575*** (0.00) | 0.1121*** (0.00) |
FDI | −0.271401*** (0.00) | −0.104746** (0.02) | −0.248570*** (0.00) | −0.4927*** (0.00) |
INV | 0.3963*** (0.00) | 0.107097*** | 0.062076*** | 0.074126*** |
SDEBT | −0.4312** (0.00) | −0.3273*** (0.00) | −1.452643*** (0.00) | −2.078438*** (0.00) |
TRADE |
| 0.028601*** (0.00) |
| 0.061880*** (0.00) |
THE |
| 0.344100*** (0.00) |
| 0.069059 (0.8) |
Nb. Obs | 165 | 165 | 225 | 225 |
Nb. Countries | 11 | 11 | 15 | 15 |