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