Table 3 Panel ARDL regression result
From: ICT diffusion and the finance–growth nexus: a panel analysis on ECOWAS countries
Variables | PMG | MG | DFE |
|---|---|---|---|
Long-run estimate | |||
Fin | − 0.213*** | − 2.530* | 0.0170 |
(0.0430) | (1.369) | (0.118) | |
ICTI | − 1.642*** | − 4.217 | − 0.970 |
(0.241) | (4.811) | (0.773) | |
Fin × ICTI | 0.126*** | 0.782* | 0.0628 |
(0.0130) | (0.442) | (0.0552) | |
Top | 0.0536*** | 0.179 | 0.0213 |
(0.0147) | (0.201) | (0.0202) | |
Short-run estimate | |||
ECT | − 0.953*** | − 0.947** | − 0.862*** |
(0.141) | (0.395) | (0.0909) | |
∆Fin | − 1.207 | − 2.695 | − 0.116 |
(1.224) | (2.434) | (0.126) | |
∆ICTI | 84,597 | 156,200 | 0.659 |
(84,588) | (156,195) | (1.820) | |
∆Fin × ICTI | − 1.024 | − 1.447 | 0.0199 |
(1.331) | (1.685) | (0.0960) | |
∆Top | − 0.0207 | 0.0922 | 0.0214 |
(0.0783) | (0.129) | (0.0242) | |
Constant | 54,948 | 101,472 | 2.100 |
(54,946) | (101,456) | (1.967) | |
No. of observations | 156 | 156 | 156 |
No. of countries | 13 | 13 | 13 |
Hausman test | MG versus PMG | MG versus DFE | |
Chi2 (4) | 0.92 | 0.78 | |
Prob | 0.9215 | 0.9409 |