Dependent variable p r i n v

The Akaike Information Criterion (AIC) used to select the shift structure in the ARDL model (1, 3, 4, 3, 2, 3, 4)

Short Run Form

Independent variables

Coefficients7

T-Statistic

Probability

Constant

0.031

4.2900.000

Corruption

−0.185

−3.2420.031

Public investment

−0.243

−3.1140.039

Growth

0.023

2.4630.060

Investment conditions

0.380

3.8310.025

Trade

0.332

2.5560.048

Government stability

0.254

5.0450.000

ECM(−1)

−0.346

−5.9730.000

Long Run Form

Constant

0.131

2.670

0.037

Corruption

−2.180

−3.264

0.000

Public investment

0.512

2.563

0.041

Growth

0.821

3.831

0.000

Investment conditions

1.061

2.382

0.047

Trade

0.602

3.204

0.000

Government stability

0.001

2.976

0.026

Model Criteria

R-squared 0.834AIC −2.741

Adj R-squared 0.621 F-statistic 8.953

Durbin-Watson stat 2.523 Prob (F-statistic) 0.002