Country

KAZ

UZB

TUR

KYR

TAJ

Period

1992-2014

1992-2014

1993-2012

1993-2014

1992-2013

Const.(a₀)

3329.22

7150.74

603.68

988.5480**

3746.09**

(t-value)

(0.5334)

(1.3238)

(1.1584)

(2.2257)

(2.4302)

(P-value)

(0.6006)

(0.2031)

(0.2660)

(0.0407)

(0.0272)

GDP(a₁)

0.0497

0.2834***

1.0471***

1.2653***

0.6751**

(t-value)

(0.5789)

(3.9677)

(9.2897)

(12.8396)

(2.4626)

(P-value)

(0.5702)

(0.0009)

(0.0000)

(0.0000)

(0.0255)

EPR(a₂)

0.4471***

−0.1174

0.0412**

−1.4706***

−2.2957*

(t-value)

(4.2721)

(−1.0224)

(2.4174)

(−4.3946)

(−2.0246)

(P-value)

(0.0005)

(0.3209)

(0.0298)

(0.0004)

(0.0599)

FDI(a₃)

0.6201

1.4637

0.6513**

−0.4116

0.8361

(t-value)

(1.4345)

(1.1575)

(2.1835)

(−0.7338)

(0.6134)

(P-value)

(0.1695)

(0.2631)

(0.0465)

(0.4736)

(0.5481)

OLP(a₄)

215.2879

143.826***

1.1887

25.6827***

13.0566

(t-value)

(1.0891)

(3.5338)

(0.0412)

(3.9353)

(0.6727)

(P-value)

(0.2913)

(0.0025)

(0.9677)

(0.0011)

(0.5107)

NGP(a₅)

2001.44*

−199.131

−414.28**

−106.29**

−76.42

(t-value)

(1.9793)

(−0.5285)

(−2.5868)

(−2.7576)

(100.9869)

(P-value)

(0.0642)

(0.6039)

(0.0215)

(0.0140)

(0.4601)

R²

0.9929

0.9867

0.9988

0.9982

0.9684

adj.R²

(0.9860)

(0.9732)

(0.9976)

(0.9964)

(0.9378)