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