Regr.1

Regr.2

Regr.3

Méthodes d’Estimation

endogeneous Var.

exogeneous Var.

OLS

VCEM

ARDL

ERRE

C

12**

15.27**

5.08

(3.44)

(2.14)

(1.01)

PROD

0.3

0.16

0.21**

(1.2)

(0.01)

(2.56)

TOT

0.13

−0.71**

−0.01**

(0.55)

(−2.71)

(3.40)

PUBSPEND

−0.41*

−2.48

−0.91**

(−1.67)

(−0.11)

(−3.24)

OPEN

−0.09

0.75***

0.08

(−0.54)

(7.98)

(1.45)

RER

−0.004

−0.001

−0.0001***

(−1.29)

(−1.45)

(−7.45)

INVEST

−0.007

0.71

−0.01***

(−0.09)

(0.70)

(−3.21)

R2 Ajusté

0.97

0.96

0.83

Obs

39

39

39