Table 6.

Model stability test

Models	Bahrain	Brunei	Indonesia	Kuwait	Malaysia	Pakistan	Saudi Arabia	Turkey	UAE
	Root	Root	Root	Root	Root	Root	Root	Root	Root
(Size; GDPG)	0.874223	1.022706	0.927646	0.992232	0.977835	0.882312	0.946418	0.349088—0.353223i	0.921231
	− 0.221206	− 0.039684	− 0.09975	−	0.165184	− 0.601149	− 0.056938	0.349088 + 0.353223i	0.006337
(ROA; GDPG)	0.562518	0.138123—0.437964i	0.644288	− 0.671892	0.544312	0.492082—0.317182i	0.885146	0.640736	0.194719—0.459945i
	0.034373	0.138123 + 0.437964i	0.158725	0.891344	− 0.220071	0.492082 + 0.317182i	− 0.491975	0.142914	0.194719 + 0.459945i
(NPF; GDPG)	0.611353	0.668501	0.576279	− 0.322836	0.467590	0.924709	0.499118−  0.340257i	0.410988—0.207803i	0.669501
	0.147757	0.168604	0.384781	0.618102	0.213516	− 0.058064	0.499118 + 0.340257i	0.410988 + 0.207803i	− 0.138900
(CAR; GDPG)	0.630287	0.654342	0.918496	− 0.017760	0.742927	0.425707	0.759280	0.891841	0.736412
	− 0.012785	0.212987	− 0.03961	0.976614	− 0.165213	− 0.420434	− 0.280854	− 0.395552	− 0.088315

Note AR Roots. This table reports the inverse roots of the characteristic AR polynomial. The estimated model is stable (stationary) if all roots have modulus less than one and lie inside the unit circle