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)