Table 6 Estimated long-run coefficients
Model (1): dependent variable: GBMC | |||
|---|---|---|---|
\({\text{Variable}}\) | \({\text{Coefficient}}\) | \({\text{t}} - {\text{statistics}}\) | \({\text{prob}}.\) |
\(GDP\) | 0.039 | 3.611* | 0.001 |
\(GDPC\) | 0.004 | 3.546* | 0.001 |
\(GGFC\) | 1.759 | 2.427** | 0.023 |
\(EXP\) | − 0.124 | − 0.487 | 0.630 |
\(INF\) | − 2.204 | − 2.249** | 0.033 |
\(Constant\) | 2.420 | 5.734* | 0.000 |
Model (2): dependent variable: GBMC | |||
\(CRED\) | − 1.755 | − 4.614* | 0.000 |
\(CONC\) | 3.703 | 1.973*** | 0.059 |
\(SMC\) | 0.366 | 1.538 | 0.136 |
\(SMTR\) | − 0.175 | − 1.905*** | 0.068 |
\(Constant\) | − 0.115 | − 1. 017 | 0.318 |
Model (3): dependent variable: GBMC | |||
\(GOV\) | 0.211 | 2.150** | 0.033 |
\(IP\) | 0.317 | 2.027** | 0.019 |
\(COR\) | 0.723 | 0.729 | 0.576 |
\(RL\) | − 0.485 | − 0.668 | 0.510 |
\(Constant\) | 0.494 | 2.221** | 0.035 |