Regressor

Model 2 (with lnGDPSQ)

Model 2a (without lnGDPSQ)

Coefficient

Standard error

Coefficient

Standard error

Long-run

lnGDP

−17.0954

16.1339

0.3063^**

0.1191

lnGDPSQ

1.2430

1.1514

-

-

lnEN

1.5921^**

0.4223

1.2854^**

0.2699

lnOPEN

−0.0582

0.1216

−0.0577

0.1172

lnUR

−0.4339

0.2229

−0.4221^*

0.2167

lnFDI

0.0134^*

0.0053

0.0134^**

0.0051

Constant

50.7144

54.5587

−8.3335^***

1.8562

Short-run

dlnGDP

−8.3930

8.1929

1.1017^***

0.1923

dlnGDPSQ

0.6774

0.5844

-

-

dlnEN

0.8677^**

0.1958

0.7297^***

0.1563

dlnOPEN

−0.0317

0.0614

−0.0327

0.0618

dlnUR

−5.5989^**

1.3006

−6.0014^***

1.2606

dlnFDI

0.0073^*

0.0028

0.0076^***

0.0028

ECM (−1)

−0.5450^**

0.1231

−0.5681^***

0.1222

R2

0.8041

0.7951

Rbar2

0.7434

0.7404

F-statistic

17.014^**

19.399^***