Variables

Total Growth

L. Growth

L2. Growth

l. Investment

L2. Investment

L. Human Capital

L2. Human Capital

L. Saving

L2. Saving

l. Capital Stock

L2. Capital Stock

Short Term

−0.27

0.0949

−0.014

0.321*

0.102

6.158

−4.047

0.0502

−0.061

0.0084

0.002

(0.08)

(0.638)

(0.958)

(0.029)

(0.523)

(0.871)

(0.918)

(0.556)

(0.293)

(0.657)

(0.81)

Long Term

-

0.34 (0.07)

-

-

-

Variables

l.

Inflation

L2.

Inflation

L.

Interest

L2.

Interest

M1

L.

M1

M3

L.

M3

Social Expenditure

L.

Social Expenditure

L2.

Social Expenditure

Short Term

−0.23*

−0.053

0.41***

0.463*

−0.04

−0.023

−0.002

0.0188

−0.222

−1.63

1.585

(0.026)

(0.517)

(0.00)

(0.011)

(0.137)

(0.333)

(0.875)

(0.059)

(0.152)

(0.157)

(0.19)

Long Term

−0.2 (0.02)

0.59 (0.04)

-

0.02 (0.21)

-

Variables

Employee Expendutires

l.

Employee Expendutires

Subsidies

L.

Subsdies

Income Tax

L.

Income Tax

L2.

Income Tax

Corporate Tax

L.

Corporate Tax

Dum2009

Dum2010

Short Term

0.0052

−0.282

−0.169

−0.037

0.0496

0.588

−0.658

0.0885

0.0097

−4.101

−1.26

(0.978)

(0.215)

(0.078)

(0.652)

(0.307)

(0.112)

(0.082)

(0.242)

(0.920)

(0.140)

(0.59)

Long Term

-

−0.18 (0.21)

−0.7 (0.2)

-

-

Variables

Dum2011

Dum2012

Dum2013

Dum2014

Dum2015

Dum2016

-cons

Sargan

Hansen

N. of Ins/N

AR1/AR2

Result

6.772

−3.213

−3.272

−3.569

−3.868

−4.302

−14.13

0.15

0.193

51/880

AR1 0.047

(0.525)

(0.237)

(0.217)

(0.199)

(0.172)

(0.143)

(0.209)

(16.99)

(15.96)

AR2 0.322