Country

KAZ

UZB

TUR

KYR

TAJ

Period

1992-2014

1992-2014

1993-2012

1993-2014

1992-2013

Const.(a₀)

14085.6**

−2019.71

−1895.76***

1310.99*

−174.23

(t-value)

(2.597)

(−1.266)

(−4.817)

(1.888)

(−0.3163)

(P-value)

(0.0188)

(0.2227)

(0.0002)

(0.0770)

(0.7550)

GDP(a₁)

−0.1636**

−0.0676***

−0.0770

−0.574***

−0.4286***

(t-value)

(−2.1900)

(−3.2055)

(−0.905)

(−3.7273)

(−4.3762)

(P-value)

(0.0428)

(0.0051)

(0.3807)

(0.0018)

(0.0004)

EPR(a₂)

0.1847*

0.0427

0.0392***

−0.4398

0.5656

(t-value)

(2.031)

(1.2599)

(3.0429)

(−0.8410)

(1.3962)

(P-value)

(0.0581)

(0.2247)

(0.0080)

(0.4127)

(0.1817)

FDI(a₃)

−0.2857

2.0367***

0.9455***

1.5291

−0.4248

(t-value)

(−0.7608)

(5.4518)

(4.1971)

(1.7442)

(−0.8723)

(P-value)

(0.4572)

(0.0000)

(0.0008)

(0.1002)

(0.3959)

OLP(a₄)

−45.32

−10.7516

92.10***

−5.2187

−11.592

(t-value)

(−0.2639)

(−0.8939)

(4.226)

(−0.5116)

(−1.6717)

(P-value)

(0.7951)

(0.3838)

(0.0008)

(0.6158)

(0.1140)

NGP(a₅)

2000.19**

214.73*

−480.91***

38.20

37.18

(t-value)

(2.2765)

(1.9291)

(−3.9759)

(0.6342)

(1.0304)

(P-value)

(0.0360)

(0.0705)

(0.0010)

(0.5348)

(0.3181)

R²

0.9344

0.9229

0.9924

0.9685

0.9923

adj.R²

(0.8731)

(0.8519)

(0.9849)

(0.9381)

(0.9847)