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Table 11 Pooled mean group

From: The stock market capitalisation and financial growth nexus: an empirical study of western European countries

Long-run equation Short-run equation
Variable Coefficient Std. error Variable Coefficient Std. error
SMC 0.489*** 0.099 COINTEQ01 − 0.178** 0.075
GDPPG − 6.302*** 1.281 D (DCF (− 1)) 0.209* 0.121
CPI − 6.000*** 2.014 D (DCF (− 2)) 0.173 0.136
FDINI − 1.021*** 0.188 D(SMC) − 0.028 0.121
STTR 0.218*** 0.040 D (SMC (− 1)) − 0.147 0.146
    D (SMC (− 2)) 0.064 0.162
    D(GDPPG) 1.366* 0.757
    D (GDPPG (− 1)) 2.688 2.007
    D (GDPPG (− 2)) 0.025 1.365
    D(CPI) − 3.573 2.158
    D (CPI (− 1)) 2.153 3.076
    D (CPI (− 2)) − 2.306 2.177
    D(FDINI) 1.938 1.452
    D (FDINI (− 1)) 1.168 1.212
    D (FDINI (− 2)) 1.792 1.286
    D(STTR) − 0.794 0.730
    D (STTR (− 1)) − 0.445 0.341
    D (STTR (− 2)) 0.182 0.177
    C 20.66** 9.931
  1. The dependent variable is D(DCF), at lags 3(Fixed). SMC, GDPPG, CPI FDINI, and STTR. Standard errors in parentheses ***p < 0.01, **p < 0.05, *p < 0.1, in all the models of the current study