| Variables | Total Growth | L. Growth | L2. Growth | L3. Growth | l. Investment | L2. Investment | L3. Investment | L. Human Capital | L2. Human Capital | L3. Human Capital | |
| Short Term | 0.39 | 0.28*** | 0.022 | 0.169*** | 0.0838 | −0.114 | −0.003 | 19.24 | −0.695 | −21.2 | |
| (0.05)** | (0.00) | (0.724) | (0.004) | (0.409) | (0.124) | (0.95) | (0.582) | (0.990) | (0.380) | ||
| Long Term | 0.65 (0.0) | - | - | ||||||||
| Variables | L. Saving | L2. Saving | L3. Saving | l. Capital Stock | L2. Capital Stock | L3. Capital Stock | l. Inflation | L2. Inflation | L3. Inflation | ||
| Short Term | −0.021 | 0.012 | −0.03 | −0.0058 | 0.0140* | 0.0019 | −0.127* | 0.0025 | 0.0952 | ||
| (0.748) | (0.747) | (0.376) | (0.365) | (0.016) | (0.707) | (0.029) | (0.967) | (0.172) | |||
| Long Term | - | 0.02 (0.02) | −0.18 (0.03) | ||||||||
| Variables | L. Income Tax | L2. Income Tax | L. Corporate Tax | L2. Corporate Tax | L. General Expenditure | L2. General Expenditure | L3. General Expenditure | Dum2009 | Dum2010 | Dum2011 | |
| Short | −0.089 | 0.0795 | −0.037 | 0.0575 | 0.052 | −0.053 | −0.0534 | −5.88 | 2.113 | −2.244 | |
| Term | (0.58) | (0.625) | (0.8) | (0.68) | (0.4) | (0.881) | (0.09) | (0.06) | (0.23) | (0.693) | |
| Long Term | - | - | −0.1 (0.06) | ||||||||
| Variables | Dum2012 | Dum2013 | Dum2014 | Dum2015 | Dum2016 | −cons | Sargan | Hansen | N. of Ins/N | AR1 | AR2 |
| Result | 1.769* | 0.243 | −2.6 | 0.256 | −0.04 | 5.39 | 0.604 | 0.218 | 65/770 | 0.0 | 0.47 |
| (0.031) | (0.38) | (0.2) | (0.3) | (0.9) | (0.5) | (29.30) | (37.91) | ||||