Table 10.
Short and Long Run Results using Control of Corruption.
| Variable | Spec 11(IQ=COC) |
Spec 12(IQ=COC) |
||
|---|---|---|---|---|
| Coeff. | t-Stat | Coeff. | t-Stat | |
| Short-Run Coefficients | ||||
| ECM (−1) | −0.793*** | −6.741 | −0.868*** | −7.378 |
| ΔLNDEBT | 0.433* | 2.800 | 0.244*** | 6.036 |
| ΔIQ | 0.987* | 2.885 | 1.225*** | 5.784 |
| Δ(LNDEBT × IQ) | 0.743*** | 7.888 | ||
| ΔLNTFP | 0.844** | 7.002 | 1.112*** | 5.799 |
| ΔLNINF | −0.671*** | −6.014 | −0.556*** | −5.784 |
| ΔLNGS | 0.233* | 2.883 | −0.342 | −1.771 |
| ΔLNEXP | 0.123*** | 7.322 | 0.094*** | 4.094 |
| C | 4.904** | 5.920 | 5.219*** | 6.322 |
| Long-Run Coefficients | ||||
| LNDEBT | −0.433*** | −6.494 | −0.397*** | −6.039 |
| IQ | 0.978* | 2.673 | 1.033*** | 6.055 |
| LNDEBT × IQ | 0.957*** | 5.758 | ||
| TFP | 0.744** | 4.740 | 0.664** | 4.093 |
| LNINF | −0.234*** | −7.449 | −0.322*** | −5.877 |
| GS | −0.442*** | −6.784 | −0.019*** | −6.607 |
| LNEXP | 0.224*** | 7.394 | 0.413*** | 6.543 |
| C | 5.332*** | 7.754 | 4.844*** | 8.784 |
Notes: Spec. Is the short form of specification and coeff. represents the coefficient. Δ is the first difference, whereas C is the constant term. *, ** and *** represents the significance at 10%, 5% and 1% respectively.