Table 3.

Diagnostic Check result.

Country	Ramsey RESET test	LM-test	JB-test	ARCH test
India	0.47 (0.51)	2.88 (0.12)	0.48 (0.78)	0.62 (0.44)
Kenya	0.71 (0.50)	1.7 (0.25)	0.80 (0.66)	0.41 (0.53)
Peru	0.03 (0.98)	0.3 (0.72)	0.03 (0.98)	0.08 (0.76)
Morocco	0.34 (0.73)	1.83 (0.20)	1.63 (0.44)	0.15 (0.69)
Sri Lanka	2.91 (0.12)	2.10 (0.19)	1.20 (0.54)	0.54 (0.46)

Note: The value in parenthesis is the p-value.