Table 4 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 | |||
BMS | − 0.192*** | − 2.472 | 0.0759 |
(0.0541) | (1.566) | (0.0742) | |
ICTI | − 1.489*** | 23.30 | − 0.359 |
(0.568) | (31.98) | (1.003) | |
BMS × ICTI | 0.0992*** | − 0.706 | 0.00850 |
(0.0240) | (1.188) | (0.0263) | |
TOP | 0.0381 | 0.352 | 0.0261 |
(0.0239) | (0.376) | (0.0192) | |
Short-run estimate | |||
ECT | − 0.679*** | − 0.613* | − 0.863*** |
(0.143) | (0.360) | (0.0891) | |
BMS | − 0.533 | − 0.633 | − 0.275*** |
(0.366) | (0.889) | (0.105) | |
ICTI | 116,291 | 290,125 | 1.974 |
(116,282) | (290,100) | (1.932) | |
BMS × ICTI | − 0.267 | − 0.962 | − 0.0335 |
(0.238) | (0.940) | (0.0532) | |
TOP | 0.0671 | 0.272 | 0.0233 |
(0.0712) | (0.200) | (0.0237) | |
Intercept | 75,539 | 188,448 | 0.478 |
(75,533) | (188,441) | (2.334) | |
No. of observations | 156 | 156 | 156 |
No. of countries | 13 | 13 | 13 |
Hausman test | MG versus PMG | MG versus DFE | |
Chi2 (4) | 0.14 | 0.19 | |
Prob | 0.9977 | 0.9958 |