| Dependent Variable: FDI | ||||
| Variables | Coefficients | Standard Errors | t-stat | P-value |
| LOG(FDI(−1))* | −0.852061 | 0.332112 | −2.565587 | 0.0372 |
| LOG(EX(−1)) | 7.257144 | 4.037070 | 1.797626 | 0.1153 |
| OPEN(−1)* | 13.72999 | 4.568387 | 3.005435 | 0.0198 |
| LOG(MZ) | 4.125898 | 3.284426 | 1.256201 | 0.2493 |
| LOG(GOV)* | −8.529068 | 2.384802 | −3.576426 | 0.0090 |
| EC(−1)* | −0.522109 | 0.249284 | −2.094433 | 0.0745 |