Table 5 Results of panel autoregressive distributed lagged (PARDL).

REM

− 0.2458*

− 0.1063

− 0.1941**

0.0613

− 0.6592*

− 0.010*

GOVSIZE

2.2289*

–

3.2649*

4.2623*

− 3.5510

1.6615*

OPENMAK

2.2224*

–

2.7864*

1.8681*

− 1.7894

1.039*

REGEFF

0.4930

− 

− 0.2478

–

4.6268

1.244*

RULAW

− 0.3470

–

− 0.1175

–

–

0.036

CRED

− 0.0054

− 0.0313

0.0294

− 0.0407*

− 0.0262*

− 0.010

GROWTH

0.2728*

0.3491*

0.3554*

0.3761*

0.0328

0.1218**

TRAD

0.1800*

0.2156*

0.2051*

0.2204*

0.2639*

0.2138*

INVCLIM

–

4.8223*

–

–

–

–

THRES(INVCLIM)

0.7780*

REM * INVCLIM

–

− 0.1123

–

–

–

–

REM * REGEFF

–

–

0.0273

–

–

–

REM * GOVSIZE

–

–

–

0.0296

–

–

REM * OPENMAK

–

–

–

–

0.8489*

–

INV (− 1)

− 2.2694*

− 0.2735*

− 0.2463*

− 0.2483*

− 0.2636*

− 0.3132*

D(REM)

− 0.6124

0.6889

0.2987

− 0.0257

− 1.2460

− 0.4836

D(GOVSIZE)

− 0.3349

–

− 0.2173

0.7610

1.1575

− 1.9687**

D(OPENMAK)

0.1393

–

0.0670

− 0.4837

0.0940

− 1.1727

D(REGEFF)

0.3952

–

0.8422

–

− 0.0771

− 2.3193

D(RULAW)

1.3381

–

1.2851

–

–

1.9114

D(CRED)

0.3354*

0.2793*

0.3176*

0.3108*

0.2790*

0.2180**

D(GROWTH)

− 0.006

− 0.0170

0.0018

− 0.0033

0.0318

− 0.0466

D(TRAD)

0.0470

− 0.0520

0.0650***

0.0538

0.0695**

0.0367

D(INVCLIM)

–

1.2370

–

–

–

–

D(THRESINVCLIM)

1.6274

D(REM * INVCLIM)

–

− 1.2310

–

–

–

–

D(REM * REGEFF)

–

–

− 0.4178

–

–

–

D(REM * GOVSIZE)

–

–

–

− 1.2586

–

–

D(REM * OPENMAK)

–

–

–

–

− 1.6717

–

C

1.3228**

0.7095

0.4631

0.4441

0.2102

1.053***

Aux. parameters

Hausman test

5.71 (0.108)**

Number of C/sections

28

Number of Obsvtns

632