Table 5.
The long-run elasticity estimates in context of models (1), (2), and (3)
| Model | (1) | (1) | (1) | (2) | (2) | (2) | (3) | (3) | (3) |
|---|---|---|---|---|---|---|---|---|---|
| Dep. var. | lnREC | lnREC | lnREC | lnRES | lnRES | lnRES | lnEI | lnEI | lnEI |
| Estimator | CUP-FM | CUP-BC | FGLS | CUP-FM | CUP-BC | FGLS | CUP-FM | CUP-BC | FGLS |
| Regressors | |||||||||
| lnIOPEN | 0.446*** | 0.515** | 0.402*** | − 2.224** | − 1.897*** | − 0.803*** | 0.258*** | 0.496*** | 0.266** |
| (0.092) | (0.192) | (0.086) | (1.104) | (0.197) | (0.019) | (0.014) | (0.093) | (0.133) | |
| lnIOPEN2 | 0.855*** | 0.879*** | 0.736*** | 0.181** | 0.149** | 0.116*** | − 0.065*** | − 0.057*** | − 0.032** |
| (0.011) | (0.032) | (0.015) | (0.090) | (0.073) | (0.028) | (0.014) | (0.016) | (0.016) | |
| lnCO2 | 0.084** | 0.130** | 0.102** | 3.474*** | 3.179*** | 2.991** | − 0.281*** | − 0.214*** | − 0.138** |
| (0.037) | (0.067) | (0.053) | (1.316) | (1.006) | (1.277) | (0.034) | (0.025) | (0.070) | |
| lnOIL | − 0.073** | − 0.071** | − 0.051*** | − 1.151*** | − 1.135** | − 1.147*** | − 0.121 | − 0.129 | − 0.143 |
| (0.038) | (0.036) | (0.015) | (0.418) | (0.651) | (0.188) | (0.122) | (0.133) | (0.121) | |
| lnOIL2 | 0.478** | 0.454** | 0.278*** | 2.955*** | 2.535*** | 2.447*** | − 0.396 | − 0.329 | − 0.343 |
| (0.074) | (0.159) | (0.085) | (1.018) | (1.012) | (1.188) | (0.268) | (0.315) | (0.321) | |
| lnFDI | − 0.063* | − 0.368*** | − 0.196*** | − 6.583*** | − 6.375*** | − 5.116*** | 0.051 | 0.141 | 0.056 |
| (0.036) | (0.056) | (0.051) | (0.477) | (0.921) | (2.004) | (0.033) | (0.150) | (0.031) | |
| lnNODA | − 0.253*** | − 0.125*** | − 0.150*** | − 8.189*** | − 6.528*** | − 9.193*** | − 0.029 | − 0.027 | − 0.093 |
| (0.068) | (0.012) | (0.006) | (2.147) | (2.939) | (2.313) | (0.062) | (0.075) | (0.078) | |
| lnREMIT | 0.402*** | 0.415*** | 0.413*** | 11.53*** | 10.45*** | 10.47*** | 0.180*** | 0.091*** | 0.068*** |
| (0.028) | (0.063) | (0.0271) | (0.972) | (1.142) | (0.899) | (0.026) | (0.014) | (0.015) | |
| lnGNIPC | − 0.237*** | − 0.175*** | − 0.138*** | − 14.711*** | − 14.611*** | − 13.411*** | 0.770*** | 1.494*** | 1.417*** |
| (0.083) | (0.045) | (0.012) | (5.461) | (5.971) | (2.422) | (0.264) | (0.656) | (0.494) | |
| lnGNIPC2 | 4.595*** | 2.323*** | 2.019*** | − 6.256*** | − 0.793*** | − 2.678*** | − 0.012 | − 0.068 | − 0.059 |
| (1.373) | (0.430) | (1.536) | (2.917) | (0.230) | (1.334) | (0.076) | (0.052) | (0.040) | |
| lnCPI | 0.006 | 0.042*** | 0.019** | 0.396 | 0.365 | 0.355 | 0.004 | − 0.002 | − 0.005 |
| (0.008) | (0.001) | (0.008) | (0.294) | (0.273) | (0.285) | (0.008) | (0.004) | (0.003) | |
| Constant | 27.281*** | 12.325*** | 11.515* | 183.1*** | 121.511*** | 121.911*** | − 4.800*** | − 5.311* | − 6.00*** |
| (5.375) | (2.871) | (6.250) | (59.115) | (28.190) | (16.122) | (1.947) | (2.687) | (1.929) | |
| Wald Chi2 | 2114.1*** | 1419.2*** | 2655*** | ||||||
| Adj. R2 | 0.799 | 0.816 | 0.726 | 0.793 | 0.756 | 0.756 | |||
| Observations | 101 | 101 | 102 | 101 | 101 | 102 | 101 | 101 | 102 |
The standard errors are reported within the parentheses; ***, **, and * denote statistical significance at 1%, 5%, and 10% levels respectively