Table 5 Long-run dynamics.
From: Fiscal dominance and exchange rate stability in Nigeria
Variables | Coefficient | T-statistic | Probability values |
|---|---|---|---|
\(C\) | − 0.852 | − 1.615 | 0.109 |
\({\Delta }e( - 1)\) | 3.206 | 46.172 | 0.000 |
\({\Delta }e( - 2)\) | − 4.213 | − 22.966 | 0.000 |
\({\Delta }e( - 3)\) | 2.649 | 14.503 | 0.000 |
\({\Delta }e( - 4)\) | − 0.677 | − 10.264 | 0.000 |
\(m2\_growth\) | 0.997 | 5.524 | 0.000 |
\(m2\_growth( - 1)\) | − 3.638 | − 6.348 | 0.000 |
\(m2\_growth( - 2)\) | 5.214 | 6.309 | 0.000 |
\(m2\_growth( - 3)\) | − 3.477 | − 5.688 | 0.000 |
\(m2\_growth( - 4)\) | 0.917 | 4.854 | 0.000 |
\(rgdpgr\) | − 0.727 | − 2.085 | 0.040 |
\(rgdpgr( - 1)\) | 1.364 | 2.180 | 0.032 |
\(rgdpgr( - 2)\) | − 0.670 | − 2.144 | 0.034 |
\({\Delta }budg\_def\) | 0.010 | 3.910 | 0.000 |
\({\Delta }budg\_def( - 1)\) | − 0.031 | − 3.838 | 0.000 |
\({\Delta }budg\_def( - 2)\) | 0.038 | 3.411 | 0.000 |
\({\Delta }budg\_def( - 3)\) | − 0.022 | − 2.671 | 0.009 |
\({\Delta }budg\_def( - 4)\) | 0.004 | 1.571 | 0.119 |
\({\Delta }public\_debt\) | 1.884 | 23.453 | 0.000 |
\({\Delta }public\_debt( - 1)\) | − 6.095 | − 20.184 | 0.000 |
\({\Delta }public\_debt( - 2)\) | 8.048 | 15.252 | 0.000 |
\({\Delta }public\_debt( - 3)\) | − 5.064 | − 11.309 | 0.000 |
\({\Delta }public\_debt( - 4)\) | 1.287 | 8.641 | 0.000 |
\(forein\_\text{int}\) | − 3.460 | − 1.070 | 0.287 |
\(forein\_\text{int} ( - 1)\) | 13.973 | 1.312 | 0.192 |
\(forein\_\text{int} ( - 2)\) | − 21.406 | − 1.444 | 0.152 |
\(forein\_\text{int} ( - 3)\) | 16.437 | − 1.582 | 0.117 |
\(forein\_\text{int} ( - 4)\) | − 5.546 | − 1.807 | 0.074 |
\(\inf r\) | 0.942 | 3.785 | 0.000 |
\(infr( - 1)\) | − 3.113 | − 3.985 | 0.000 |
\(\inf r( - 2)\) | 4.116 | 3.867 | 0.000 |
\(\inf r( - 3)\) | 16.437 | 1.582 | 0.117 |
\(\inf r( - 4)\) | − 5.546 | − 1.807 | 0.074 |
\(finopen\) | − 48.349 | − 0.857 | 0.393 |
\(finopen( - 1)\) | 43.032 | 0.231 | 0.818 |
\(finopen( - 2)\) | 73.205 | 0.293 | 0.770 |
\(finopen( - 3)\) | − 135.544 | − 0.778 | 0.439 |
\(finopen( - 4)\) | 69.357 | 1.333 | 0.185 |
Adj. R2 | 0.99 | ||
F-stat | 16,457.04 | ||
Prob. (F-stat) | 0.000 | ||
DW statistics | 1.82 | ||