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)