| Variables | Model 1 (GMB1) | Model 2 (GP1) | Model 3 (GP2) | Model 4 (GM1) | Variables | Long Run Effects (Model 1-4) | Long Run Policy Direction | |||
| Growth | Growth | Growth | Growth | |||||||
| L. Growth | 0.118 (0.609) | 0.126 (0.435) | 0.396*** (0.00) | 0.354*** (0.00) | Growth | − | Significant | |||
| − | ||||||||||
| L2. Growth | 0.0433 (0.738) | 0.0233 (0.883) | −0.258 (0.105) | −0.0782 (0.423) | 0.46 (0.01) | |||||
| 0.48 (0.02) | ||||||||||
| Investment | 0.449* (0.025) |
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| Interest | 0.53 (0.09) | Positive Effect | |||
| L. Investment | −0.450 (0.109) |
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| L2. Investment | −0.218 (0.401) |
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| HumanCapital | −297.5 (0.179) |
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| Human Capital | − | Insignificant | |||
| L. HumanCapital | 640.6 (0.141) |
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| L2. HumanCapital | −347.1 (0.106) |
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| Saving | 0.143 (0.120) |
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| Saving | − |
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| L. Saving | −0.0644 (0.520) |
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| L2. Saving | −0.0033 (0.972) |
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| CapitalStock | −0.0231 (0.071) |
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| Capital Stock | −0.02 (0.05) | Negative Effect | |||
| L. CapitalStock | 0.0206 (0.284) |
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| L2. CapitalStock | −0.0018 (0.902) |
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| Inflation | 0.294 (0.376) | −0.224 (0.495) | −0.266 (0.366) |
| Inflation | − | Negative Effect | |||
| L. Inflation | −0.250 (0.177) | −0.106 (0.607) | 0.102 (0.594) | −0.104 (0.473) | −0.21 (0.06) | |||||
| L2. Inflation | 0.0064 (0.958) | −0.179 (0.079) | −0.119 (0.489) | 0.0293 (0.787) | − | |||||
| L3. Inflation |
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| 0.131 (0.504) | Inflation | − | Negative Effect | |||
| Interest |
| 0.915* (0.030) | 0.0459 (0.928) |
| Interest |
| Positive Effect | |||
| L. Interest |
| −1.238 (0.075) | 0.210 (0.796) |
| 1.24 (0.01) | |||||
| L2. Interest |
| 1.378* (0.037) | −0.198 (0.825) |
| − | |||||
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| M1 |
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| 0.0271 (0.568) |
| M1 |
| Positive Effect | |||
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| L. M1 |
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| 0.465* (0.021) |
| −0.05 (0.2) | |||||
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| L2. M1 |
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| −0.513* (0.026) |
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| M3 |
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| −0.0214 (0.245) |
| M3 |
| Insignificant | |||
| L. M3 |
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| −0.142* (0.034) |
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| 0.01 (0.3) | ||||||||||
| L2. M3 |
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| 0.152* (0.027) |
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| L. General Expenditure |
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| −0.0899 (0.620) | General Expenditure |
| Negative Effect | |||
| L2. General Expenditure |
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| 0.286 (0.228) |
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| −0.3 (0.002) | ||||||||||
| L3. General Expenditure |
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| −0.255** (0.003) | ||||||
| L. Corporate Tax |
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| 0.0969 (0.213) | Corporate Tax | − | Insignificant | |||
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| L. Income Tax |
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| 0.0093 (0.830) | Income Tax | − | Insignificant | |||
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| N | 440 | 440 | 440 | 385 |
| |||||
| Sargan | 0.266 (28.95) | 0.126 (13.9) | 0.194 (12.36) | 0.101 (9.20) | ||||||
| Hansen | 0.215 (30.26) | 0.110 (14.4) | 0.111 (14.32) | 0.363 (5.46) | ||||||
| Number of Inst. | 50 | 25 | 31 | 22 | ||||||
| AR(1) | 0.033 | 0.020 | 0.053 | 0.004 | ||||||
| AR(2) | 0.104 | 0.074 | 0.565 | 0.506 | ||||||