Table 2.

Long run coefficients. Dependent variable: LMVA.

Country	Variables	Coefficient	Std. Error	t-Statistic	Prob.
India	LELE	0.88∗∗∗	0.18	4.85	0.00
	LIMP	0.49∗∗∗	0.14	3.50	0.01
	LEXP	-0.49∗∗	0.20	-2.42	0.04
	LCRED	0.40∗	0.23	1.78	0.10
	LGER	0.17	1.20	0.15	0.89
	C	18.18∗∗∗	3.94	4.61	0.00
Kenya	LELE	1.01∗∗∗	0.30	3.41	0.01
	LIMP	-0.50∗∗	0.18	-2.74	0.02
	LEXP	0.39∗	0.21	1.86	0.10
	LCRED	0.22	0.15	1.43	0.19
	LGER	0.36∗	0.21	1.68	0.10
	C	20.83∗∗∗	4.76	4.38	0.00
Peru	LELE	0.76∗∗∗	0.08	9.42	0.00
	LIMP	0.06	0.05	1.29	0.21
	LEXP	0.21∗∗∗	0.05	4.04	0.00
	LCRED	-0.02	0.02	-0.92	0.37
	LGER	-0.50∗∗	0.20	-2.47	0.02
	C	17.79∗∗∗	1.56	11.43	0.00
Morocco	LELE	0.12∗∗∗	0.04	3.18	0.01
	LIMP	0.14∗∗∗	0.05	2.85	0.01
	LEXP	0.35∗∗∗	0.11	3.13	0.01
	LCRED	0.22∗∗∗	0.03	8.22	0.00
	LGER	0.71∗∗∗	0.12	5.98	0.00
	C	6.85∗∗∗	1.91	3.59	0.00
Sri Lanka	LELE	0.09	0.33	0.28	0.78
	LIMP	1.51∗∗	0.68	2.23	0.05
	LEXP	-0.83	0.62	-1.34	0.21
	LCRED	-0.02	0.09	-0.19	0.85
	LGER	-1.22	1.58	-0.77	0.46
	C	10.20	9.15	1.11	0.29

Note: ∗, ∗∗ and ∗∗∗ respectively denotes rejecting of null hypothesis at 10%, 5% and 1% level.