Variables | Total Growth | L. Growth | L2. Growth | l. Investment | L2. Investment | L. Human Capital | L2. Human Capital | L. Saving | L2. Saving | l. Capital Stock | L2. Capital Stock |
Short Term | −0.27 | 0.0949 | −0.014 | 0.321* | 0.102 | 6.158 | −4.047 | 0.0502 | −0.061 | 0.0084 | 0.002 |
(0.08) | (0.638) | (0.958) | (0.029) | (0.523) | (0.871) | (0.918) | (0.556) | (0.293) | (0.657) | (0.81) | |
Long Term | - | 0.34 (0.07) | - | - | - | ||||||
Variables | l. Inflation | L2. Inflation | L. Interest | L2. Interest | M1 | L. M1 | M3 | L. M3 | Social Expenditure | L. Social Expenditure | L2. Social Expenditure |
Short Term | −0.23* | −0.053 | 0.41*** | 0.463* | −0.04 | −0.023 | −0.002 | 0.0188 | −0.222 | −1.63 | 1.585 |
(0.026) | (0.517) | (0.00) | (0.011) | (0.137) | (0.333) | (0.875) | (0.059) | (0.152) | (0.157) | (0.19) | |
Long Term | −0.2 (0.02) | 0.59 (0.04) | - | 0.02 (0.21) | - | ||||||
Variables | Employee Expendutires | l. Employee Expendutires | Subsidies | L. Subsdies | Income Tax | L. Income Tax | L2. Income Tax | Corporate Tax | L. Corporate Tax | Dum2009 | Dum2010 |
Short Term | 0.0052 | −0.282 | −0.169 | −0.037 | 0.0496 | 0.588 | −0.658 | 0.0885 | 0.0097 | −4.101 | −1.26 |
(0.978) | (0.215) | (0.078) | (0.652) | (0.307) | (0.112) | (0.082) | (0.242) | (0.920) | (0.140) | (0.59) | |
Long Term | - | −0.18 (0.21) | −0.7 (0.2) | - | - | ||||||
Variables | Dum2011 | Dum2012 | Dum2013 | Dum2014 | Dum2015 | Dum2016 | -cons | Sargan | Hansen | N. of Ins/N | AR1/AR2 |
Result | 6.772 | −3.213 | −3.272 | −3.569 | −3.868 | −4.302 | −14.13 | 0.15 | 0.193 | 51/880 | AR1 0.047 |
(0.525) | (0.237) | (0.217) | (0.199) | (0.172) | (0.143) | (0.209) | (16.99) | (15.96) | AR2 0.322 |