Table 4 Long-run and short-run results

Long Run

LPUBI

0.11 (0.06)*

− 0.11(0.08)

− 0.07(0.13)

0.17(0.05)***

LRAIN

− 0.18(0.08)**

− 0.30(0.15)*

− 0.33(0.25)

− 0.22(.07)***

LTOT

0.33(0.15)**

0.70(0.23)***

0.96(0.29)***

0.37(0.01)***

LAINPS

0.22(0.03)***

− 

− 

− 

LFERS

–

0.15(0.05)**

–

–

LIRRS

–

–

0.06(0.08)

–

LPOWS

–

–

–

0.18(0.02)***

Short Run

D(LAINPS(− 1))

− 0.10(0.05)*

–

–

–

D(LPUBI(− 1))

–

0.14(0.08)*

–

–

D(LTOT(− 1))

− 0.73(0.27)**

− 0.56(0.29)*

− 0.52(0.28)*

− 0.59(0.23)**

d_NFSM

0.02(0.009)**

0.03(0.01)**

0.06(0.01)***

0.02(0.002)**

ECT₋₁

− .83(0.12)***

− .51(0.10)***

− .36(0.07)***

− .88(0.11)***

JB statistic

0.48

0.46

0.42

0.59

BG LM tests

0.20

0.22

0.13

0.06

BPG test

0.53

0.95

0.94

0.36

RAMSEY

0.60

0.16

0.07

0.09