| Variables | Model 1 (GOB1) | Model 2 (GOP2) | Model 3 (GOM3) | Variables | Long Run Effects (Model 1, 2, 3) | Long Run Policy Direction | |
| Growth | Growth | Growth | |||||
| L. Growth | 0.327** (0.009) | 0.213 (0.053) | 0.331*** (0.00) | Growth | 0.5 (0.08) | Significant | |
| L2. Growth | 0.0538 (0.219) | 0.0626 (0.676) | 0.0625 (0.410) | 0.2 (0.18) | |||
| L3. Growth |
|
| 0.190*** (0.00) | 1.25 (0.003) | |||
| L. Investment | −0.734** (0.007) | 0.0998 (0.512) | 0.104 (0.485) | Investment | 0.21 (0.5) | Insignificant | |
| L2. Investmnt | 0.0521 (0.698) | −0.111 (0.178) | −0.115 (0.264) | − | |||
| L3. Investment |
| 0.0107 (0.855) |
| ||||
| Investment | 0.867*** (0.00) |
|
| − | |||
| L. HumanCapital | −21.92 (0.971) | −2.831 (0.958) | −20.53 (0.482) | Human Capital | − | Insignificant | |
| L2. HumanCapital | −15.66 (0.962) | 23.15 (0.791) | 24.27 (0.429) | − | |||
| L3. HumanCapital |
| −22.23 (0.592) |
| ||||
| HumanCapital | 32.78 (0.910) |
|
| − | |||
| L. Saving | −0.0941 (0.688) | 0.258 (0.346) | 0.0249 (0.894) | Saving | −0.20 (0.05) | Negative Effect | |
| L2. Saving | −0.129 (0.051) | −0.0233 (0.705) | −0.0194 (0.744) | −0.42 (0.14) | |||
| Saving | −0.089 (0.660) | −0.305 (0.095) |
| − | |||
| L. CapitalStock | 0.0791 (0.098) | 0.0014 (0.897) | 0.0073 (0.565) | Capital Stock | 0.02 (0.4) | Insignificant | |
| L2. CapitalStock | −0.0307 (0.138) | 0.0201 (0.118) | 0.0033 (0.683) | − | |||
| L3. CapitalStock |
| −0.0124 (0.221) |
| ||||
| CapitalStock | −0.0616* (0.047) |
|
| 0.02 (0.4) | |||
| L. Inflation |
| −0.182* (0.021) | −0.199* (0.044) | Inflation |
| Negative Effect | |
| L2. Inflation |
| −0.0116 (0.881) | 0.0109 (0.910) | −0.25 (0.01) | |||
| L3. Inflation |
| 0.0409 (0.546) |
| −0.4 (0.02) | |||
| L. Interest |
| −0.279 (0.100) |
| Interest |
| Positive Effect | |
| L2. Interest |
| −0.140 (0.332) |
| 0.29 (0.03) | |||
| L3. Interest |
| 0.213*** (0.003) |
|
| |||
| L. M1 |
| 0.0024 (0.984) |
| M1 |
| Insignificant | |
| L2. M1 |
| −0.116 (0.411) |
| − | |||
| L3. M1 |
| 0.113 (0.336) |
|
| |||
| L. M3 |
| −0.026 (0.579) |
| M3 |
| Insignificant | |
| L2. M3 |
| 0.0098 (0.868) |
| − | |||
| L3. M3 |
| −0.0150 (0.549) |
|
| |||
| L. General Expenditure |
|
| 0.127 (0.259) | General Expenditure |
| Insignificant | |
| L2. General Expenditure |
|
| −0.167 (0.093) |
| |||
| 0.30 (0.26) | |||||||
| L. Corporate Tax |
|
| −0.538 (0.098) | Corporate Tax |
| Insignificant | |
| L2. Corporate Tax |
|
| 0.350 (0.299) |
| |||
|
|
| −1.29 (0.11) | |||||
| L. Income Tax |
|
| 0.359* (0.049) | Income Tax |
| Positive Effect | |
| L2. Income Tax |
|
| −0.259 (0.144) |
| |||
| 0.86 (0.07) | |||||||
| N | 440 | 385 | 385 |
|
| ||
| Sargan | 0.094 (35.88) | 0.152 (25.27) | 0.115 (27.78) | ||||
| Hansen | 0.221 (31.20) | 0.299 (21.70) | 0.298 (22.80) | ||||
| Number of Inst. | 55 | 52 | 46 | ||||
| AR(1) | 0.008 | 0.002 | 0.001 | ||||
| AR(2) | 0.622 | 0.502 | 0.578 |
| |||