Accounting for the symmetric and asymmetric effects of FDI-growth nexus amidst financial crises, economic crises and COVID-19 pandemic: application of hidden co-integration

Future Business Journal

Table 6 Symmetric and asymmetric effects of FDI-outflow and economic growth

Model Specification 3:F_Q (lnQ\| lnoutflow, lngfcf, lnL, lnPcrd, lnTrade, lnKofgi, lnDum)			Model Specification 4:F_Q (lnrgdp\| lnoutflow⁺, lninflow⁻, lnDum, lngfcf, lnL, lnPcrd, lnTrade, lnFDI*Dum, Brk)
Variable	Coefficient	Prob	Variable	Coefficient	Prob
Part B: long-run estimate
c	2.2352	0.0277	c	2.7030	0.0173
lnQ(− 1)	0.0521	0.442	lnQ(− 1)	− 0.0537	0.5566
lnoutflow(− 1)	− 0.0133b	0.048	lnoutflow⁺	− 0.0060b	0.0014
lnK	− 0.0875b	0.0437	lnoutflow-	0.0850b	0.0017
Dum1(− 1)	− 0.0713b	0.0153	lnK(− 1)	0.2209b	0.0088
lnL(− 1)	− 1.1816b	0.0253	Dum1(− 1)	0.0902	0.0151
lntrade(− 1)	0.0003	0.9839	lnl(− 1)	1.1432	0.0662
lnpcrd(− 1)	0.1737	0.0007	lntrade(− 1)	0.0115	0.6757
lnoutflow*Dum1	0.0291	0.5617	lnpcrd(− 1)	− 0.1555	0.0049
Brk(− 1)	0.0682	0.0053	lnoutflow*Dum(− 1)	0.0436	0.4257
		0.561	Brk(− 1)	0.0790	0.0042
Part B: short-run estimate
∆ln(outflow(− 1))	0.0064b	0.0221	∆lnoutflow⁺	− 0.0323b	0.0114
∆(Dum1)	0.1129a	0.0002	∆lnoutflow-	0.0034b	0.0017
∆ln(L)	0.4191b	0.0466	∆lnK	0.0847b	0.0193
∆ln(trade(− 1))	0.0195b	0.0331	∆Dum1	0.2047b	0.0214
∆ln(Prcd)	0.0607a	0.0174	∆lnL	0.1791	0.6710
∆ln(outflow*Dum1)	− 0.0976b	0.0046	∆ln(trade)	0.0083b	0.0385
∆(Brk)	0.0124a	0.0003	∆ln(pcrd)	0.0425	0.1346
∆(Brk(− 1))	− 0.0469a	0.0001	∆ln(outflow*Dum1(− 1))	0.0535b	0.0093
ecm(− 1)	0.0521a	0.0000	∆(Brk)	0.0200b	0.0495
			∆(Brk(− 1))	− 0.0457b	0.0010
			ecm(− 1)	− 0.0537a	0.0000
Part C: Asymmetry result
Long run				8.1566a	0.0135
Short run				4.4538a	0.0014