Variables | PMG | MG | DFE |
Estimates of long-run coefficients |
|
|
|
Capital formation | 0.075 (0.029)*** | 0.066 (0.186) | 0.087 (0.130) |
Population 15 - 64 | 0.779 (0.089) *** | 1.234 (0.487)*** | 1.043 (0.225)*** |
Trade openness | 0.275 (0.080)*** | 1.081 (1.111) | 0.412 (0.229)* |
REER (1997 = 100) | 0.151 (0.045)*** | 1.338 (0.891) | 0.163 (0.126) |
External debt | −0.337 (0.028)*** | 0.110 (0.366) | −0.467 (0.077)*** |
Fiscal balance | 0.167 (0.031)*** | 0.042 (0.097) | 0.025 (0.053) |
Estimates of short-run coefficients |
|
|
|
Error-correction term | −0.089 (0.026)*** | −0.341 (0.064)*** | −0.080 (0.013)*** |
Capital formation | 0.063 (0.023)*** | −0.029 (0.039) | 0.031 (0.013)*** |
Population 15-64 | −0.893 (0.506)* | −3.032 (1.908) | −0.482 (0.356) |
Trade openness | −0.111 (0.041)*** | −0.137 (0.063)** | −0.205 (0.024)*** |
REER (1997 = 100) | 0.379 (0.0677)*** | 0.309 (0.081)*** | 0.057 (0.016)*** |
External debt | −0.292 (0.041)*** | −0.205 (0.039)*** | −0.314 (0.0147)*** |
Fiscal balance | 0.026 (0.031) | 0.020 (0.029) | 0.003 (0.006) |
Constant | −0.563 (0.165)*** | −0.941 (2.522) | −0.780 (0.301)*** |
Hausman test | X2 (6) = 2.97 (0.8123) | X2 (6) = 0.00 (1.0000) | G vs DFE X2 (6) = 0.11 (1.0000) |