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Table 13 Cross-sectional short-run coefficient—ARDL

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

Country Spain Switzerland UK Austria Greece Luxembourg
Variable Coefficient Std. error Coefficient Std. error Coefficient Std. error Coefficient Std. error Coefficient Std. error Coefficient Std. error
COINTEQ01 − 0.322*** 0.011 0.030*** 0.002 − 0.072*** 0.000 0.241*** 0.008 − 0.099*** 0.004 − 0.388*** 0.009
D (DCF (− 1)) 0.632*** 0.038 − 0.556*** 0.050 0.418*** 0.010 − 0.003 0.020 0.481*** 0.015 0.633*** 0.020
D (DCF (− 2)) 0.736*** 0.037 0.469*** 0.052 0.648*** 0.013 − 0.015 0.040 − 0.694*** 0.013 0.290*** 0.019
D(SMC) 0.061 0.038 0.000 0.000 0.070*** 0.000 0.413*** 0.023 − 0.274*** 0.005 − 0.034** 0.011
D (SMC (− 1)) − 0.799** 0.150 − 0.075*** 0.000 − 0.025*** 0.001 0.514*** 0.058 − 0.028* 0.005 − 0.462*** 0.014
D (SMC (− 2)) 1.247*** 0.072 − 0.017*** 0.000 − 0.158*** 0.000 − 0.305*** 0.018 − 0.334*** 0.006 − 0.057*** 0.010
D(GDPPG) 5.367 9.882 − 0.068 0.303 0.365 0.323 − 3.280 1.464 − 2.167* 0.822 4.196* 1.732
D(GDPPG (− 1)) − 3.814 10.16 0.074 0.284 0.924* 0.389 − 2.266** 0.485 0.347 0.588 3.526 1.746
D(GDPPG (− 2)) 4.120 5.342 0.564** 0.148 0.895*** 0.132 0.170 0.222 − 2.733** 0.851 − 2.918 1.313
D(CPI) 3.925 9.154 0.199 0.736 − 2.183*** 0.355 − 3.094 3.773 0.755 1.203 − 16.72 13.81
D (CPI (− 1)) − 3.050 13.41 − 0.288 0.731 3.011** 0.699 5.769 3.361 − 6.685** 1.514 − 1.058 19.44
D (CPI (− 2)) − 13.44 39.41 − 0.697 0.773 − 1.470* 0.555 − 5.394** 1.797 − 1.833* 0.643 − 3.108 8.218
D(FDINI) 15.68 8.173 0.079*** 0.008 0.332*** 0.020 − 0.448*** 0.038 7.057 24.04 − 0.090*** 0.013
D (FDINI (− 1)) 1.836 12.88 0.385*** 0.027 − 0.561*** 0.049 − 0.750*** 0.102 3.279 20.21 − 0.750*** 0.036
D (FDINI (− 2)) 9.649 10.92 − 0.361*** 0.031 − 0.995*** 0.086 − 0.564*** 0.074 2.132 17.36 − 0.160** 0.032
D(STTR) − 0.088*** 0.013 − 0.017*** 0.000 0.361*** 0.001 0.039*** 0.000 − 0.146*** 0.017 − 8.814 17.98
D (STTR (− 1)) − 0.645*** 0.012 − 0.001** 0.000 0.278*** 0.004 0.050*** 0.000 0.215*** 0.018 − 4.062 19.85
D (STTR (− 2)) − 0.054*** 0.003 − 0.010*** 0.000 − 0.019*** 0.001 0.046*** 7.42E− 0 0.052** 0.014 1.730 16.27
C 48.02 328.3 − 0.881 9.521 5.418 4.179 − 30.25 128.1 5.498 65.69 54.58 286.5
  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