Table 6 Long-and short-run coefficients, and their differential effects.

Long run result

C

0.6039

0.0869

1.0158c

1.9403

0.9318

1.3523

− 0.4054

0.0695

2.2584

1.2405

− 0.2037a

4.8473

0.3756

1.1935

ln trade

0.0427b

2.6526

0.2297b

2.7427

ln export

0.0744

0.5899

0.2036a

3.8262

ln import

− 0.0341

− 1.0095

0.0525b

3.5868

ln inflow

0.0026b

2.4638

0.1033b

2.6419

ln k

0.0785a

4.0962

0.0717a

5.541

0.2755

0.733

0.3849a

4.0875

0.3093a

5.9669

0.0825a

5.5088

0.2730b

2.0209

ln l

− 0.1154

− 1.9137

− 0.345

− 0.8645

0.7832

0.6958

1.1716

1.0637

− 0.1286

− 0.5208

0.479

1.1552

1.0911

0.8552

ln pcrd

0.001

1.3874

0.0536

1.1072

0.1099

0.9277

0.1034

1.1931

0.0393

1.139

0.0256

1.101

0.1242

0.1685

Crisis

− 0.0125b

− 2.9216

− 0.0115a

− 4.4236

− 0.0528a

− 3.691

ln crisis*trade

− 0.4121b

− 2.6753

ln crisis*export

− 0.1598b

− 2.7479

ln crisis*import

− 0.1331b

2.1535

ln crisis*inflow

− 0.0138a

3.5268

Short run result

∆ln (gdp(−1))

0.4766a

4.2911

0.3265b

2.5564

0.3939a

3.5603

0.4470a

4.2605

0.4164a

4.2219

0.3924b

2.5344

0.3980b

2.0148

∆ln trade

0.0251b

3.0637

0.0779b

2.0284

∆ln (trade(−1))

0.033b

4.1637

0.0368c

1.9836

∆ln (export)

0.0294

0.0382

0.0038b

2.0448

∆ln (export(−1)

0.0178c

1.758

0.0069c

1.9263

∆ln import

0.0511

0.0142

0.0238b

2.0256

∆ln (import(−1))

0.0302c

2.0795

0.0329c

0.3584

∆ln fdi

0.0234b

2.6468

0.1137b

2.2611

∆ln fdi (−1)

0.0278b

2.361

0.0161b

2.0021

∆ln k

− 0.0219b

− 3.3217

− 0.1279b

− 2.2427

0.076b

2.0735

− 0.0742

− 0.0767

− 0.2676

− 0.0486

− 0.0757

− 0.0742

∆ln (k(−1))

− 0.0885b

− 3.1031

− 0.0587c

2.0664

0.1044a

4.3246

− 0.0722b

− 2.9329

0.1050a

3.6576

∆ln l

− 0.0878b

− 2.7829

− 0.0397b

− 3.3021

− 0.1058b

− 2.0084

0.0150b

2.2075

0.0371b

2.6681

0.0658b

2.5701

0.0073b

2.1085

∆ln (l(−1))

− 0.6730b

− 3.3217

− 0.5165b

2.0121

− 0.7741a

− 4.4931

− 0.7508a

− 4.0163

− 0.6403b

− 2.948

− 0.5988c

− 1.9514

− 0.7829a

3.3509

∆ln (pcrd)

− 0.0434

− 0.3217

− 0.0315

− 0.0376

− 0.0119

− 0.161

− 0.0513

− 0.0426

− 0.0622c

− 1.9655

− 0.0091

− 1.7427

∆ln (pcrd(−1)

0.0546

0.0394

0.0508

0.6534

0.0089

0.0526

∆ln crisis*trade

− 0.0229b

− 2.2429

− 0.0129b

− 2.0106

− 0.009

− 0.0122

− 0.0859a

− 3.5062

∆ln crisis*export

− 0.0285a

− 3.3047

∆ln crisis*import

− 0.1137b

2.7581

∆ln crisis*inflow

−  0.0024a

− 4.7962

ecm(− 1)

− 0.2143a

− 4.8686

− 0.2213a

− 11.1038

− 0.1709b

− 4.1939

− 0.2084b

− 3.7785

− 0.2681a

− 4.2681

− 0.2037a

− 10.7315

− 0.1769b

− 4.0999

Differential effects

Long run

Crisis*trade

− 0.1824

Crisis*export

0.0436

Crisis*import

− 0.0999

Crisis*inflow

− 0.0105

Short run

Crisis*trade

− 0.0491

Crisis*export

− 0.0216

Crisis*import

− 0.0808

Crisis*inflow

0.0018