Estimation methods | Regr.1 | Regr.2 | Regr.3 | |
endogeneous var. | exogeneous var. | OLS | VCEM | ARDL |
ERRE | C | −1.48 | 0.04 | −0.71 |
(−0.51) | (0.009) | (−1.43) | ||
LGDP-1 | Na | Na | −0.51** | |
(−3.41) | ||||
LMISAL | 9.69 | −8.87 | −0.12 | |
(0.55) | (−0.08) | (−1.31) | ||
LOVEREVAL | 2.83 | 6.53 | 0.01* | |
(0.58) | (0.05) | (1.95) | ||
LSUNDEREVAL | 1.49 | na | −0.0003** | |
(0.28) | (−2.69) | |||
LVOLEXCHANGE | −2.10 | 6.06 | −1.61** | |
(−1.03) | (0.01) | (−3.1) | ||
LPOP | 1.86 | 1.57 | −0.36*** | |
(1.65) | (0.17) | (−5.57) | ||
LDEF | −1.79* | −7.19 | 0.77*** | |
(−2.18) | (−1.19) | (11.26) | ||
LINVEST | 9.58*** | −1.02 | 2.70** | |
(39.66) | (−0.005) | (2.97) | ||
DLMISAL | 0.90 | −29.9 | 0.87 | |
(0.37) | (−0.02) | (1.23) | ||
DLOVEREVAL | Na | −3.84 | 0.73*** | |
(−0.3) | (9.06) | |||
DLUNDEREVAL | −16.52 | na | 0.21 | |
(−0.13) | (1.99) | |||
DLVOLEXCHANGE | −0.02 | 646.94 | 0.06** | |
(−0.39) | (0.04) | (4.67) | ||
DLPOP | −0.11 | −0.04 | 1.58*** | |
(−0.23) | (−0.16) | (8.38) | ||
DLDEF | −0.17 | 1.78 | 0.014 | |
(−0.39) | (0.12) | (0.20) | ||
DLINVEST | −0.40 | 1.09 | 0.014 | |
(−0.85) | (1.15) | (0.20) | ||
R2 | 0.985 | 0.99 | 0.83 | |
Obs | 32 | 39 | 39 | |
Fisher/chi2 | 390.7 | 278.32 |