Country | KAZ | UZB | TUR | KYR | TAJ |
Period | 1992-2014 | 1992-2014 | 1993-2012 | 1993-2014 | 1992-2013 |
Const.(a0) | 8707.42** | 2565.51 | −646.04* | 1149.77*** | 1785.93** |
(t-value) | (2.381) | (0.9802) | (−1.9249) | (3.0450) | (2.4603) |
(P-value) | (0.0292) | (0.3407) | (0.0747) | (0.0077) | (0.0256) |
GDP(a1) | −0.0569 | 0.1078*** | 0.4851*** | 0.3456*** | 0.1232 |
(t-value) | (−1.1293) | (3.1168) | (6.6815) | (4.1252) | (0.9547) |
(P-value) | (0.2742) | (0.0062) | (0.0000) | (0.0007) | (0.3539) |
EPR(a2) | 0.3159*** | −0.0373 | 0.0402*** | −0.9552*** | −0.8650 |
(t-value) | (5.1523) | (−0.6708) | (3.6609) | (−3.3578) | (−1.6200) |
(P-value) | (0.0001) | (0.5113) | (0.0020) | (0.0040) | (0.1247) |
FDI(a3) | 0.1672 | 1.7502** | 0.7984*** | 0.5587 | 0.2056 |
(t-value) | (0.6601) | (2.8563) | (4.1560) | (1.1717) | (0.3204) |
(P-value) | (0.5180) | (0.0109) | (0.0009) | (0.2584) | (0.7527) |