Table 8.
The results of government expenditure VEC model.
Source: Authors’ calculations
| Long-term variables | ||||||
|---|---|---|---|---|---|---|
| Lny | Lnt | Lnc | Lnl | Lna | Lnb | |
| Lny | 1 | 0 | 1.1269* (− 1.03) | 1.9460** (1.91) | − 2.8798*** (− 7.36) | 0.4969 (1.01) |
| Lnt | 0 | 1 | 0.2592* (0.71) | − 2.0854*** (− 6.11) | 0.7978*** (6.07) | 0.4104*** (2.48) |
| Short-term variables | |||||||
|---|---|---|---|---|---|---|---|
| Lags | D(Lny) | D(Lnt) | D(Lnc) | D(Lnl) | D(Lna) | D(Lnb) | |
| Lny | L1 | − 0.0684 (− 0.15) | 0.6285* (1.11) | 0.4217* (0.93) | 0.5337* (0.88) | 0.2848* (0.49) | 0.6113*** (1.85) |
| L2 | − 0.4165** (− 0.44) | 0.0252* (0.02) | 1.3398* (1.36) | 1.0941** (1.33) | − 0.2006* (− 0.34) | 0.1619** (0.11) | |
| L3 | 1.12* (1.24) | 0.7123 (0.73) | − 0.4015* (− 0.43) | 0.5808** (0.74) | 0.6031** (1.06) | 3.1619* (0.42) | |
| Lnt | L1 | − 0.0101*** (− 0.03) | − 0.2429* (− 0.50) | 0.0335** (0.09) | 0.0537* (0.10) | − 0.3059* (− 0.61) | 0.3064** (1.08) |
| L2 | − 0.0324* (− 0.03) | − 1.0728* (− 0.99) | − 0.0959* (− 0.09) | 1.3655** (1.57) | 0.1672 (0.27) | 0.1806* (0.65) | |
| L3 | 0.8276* (0.88) | − 0.0814 (− 0.08) | − 0.1467** (− 0.15) | 0.4553* (0.56) | 1.2914* (2.20) | − 0.3895* (− 0.67) | |
| Lnc | L1 | − 0.3470* (− 0.59) | − 0.6170* (− 0.86) | − 0.8724** (− 1.51) | − 0.5211* (− 0.68) | − 0.2435 (− 0.33) | 0.4432** (1.06) |
| L2 | − 0.4681* (− 1.22) | − 0.0817* (− 0.20) | − 0.1097* (− 0.28) | − 0.1741 (− 0.53) | − 0.4212* (− 1.77) | − 0.3198* (− 0.48) | |
| L3 | 0.6663** (2.69) | 0.3391* (1.28) | − 0.2417** (− 0.95) | − 0.5506* (− 2.59) | 0.6562* (4.25) | − 0.8653* (− 1.78) | |
| Lnl | L1 | 0.1538* (0.26) | 0.0060 (0.01) | 0.1504 (0.26) | − 0.2814 (− 0.37) | 0.0822 (0.11) | − 1.2409*** (− 2.96) |
| L2 | 0.2466* (0.18) | 0.0565 (0.04) | 0.8673** (0.87) | 3.1539* (2.70) | 0.0977 (0.12) | − 0.6728* (− 0.57) | |
| L3 | 0.9247* (0.95) | 0.4951* (0.48) | 0.4125 (0.60) | 1.2549* (1.50) | 1.3257* (2.19) | − 0.1629 (− 0.43) | |
| Lna | L1 | − 0.0519* (− 0.65) | − 0.0712* (− 0.74) | − 0.0626* (− 0.81) | − 0.0749* (− 0.73) | − 0.1496** (− 1.50) | − 0.0413** (− 0.73) |
| L2 | 0.0660*** (0.05) | 0.6639 (0.43) | 1.6324* (1.10) | − 2.2827** (− 1.84) | − 0.2307 (− 0.26) | 0.9987* (0.76) | |
| L3 | − 2.5645* (− 2.30) | − 1.4424** (− 1.21) | 0.8242* (0.72) | − 1.9303 (− 2.02) | − 2.6201* (− 3.77) | 0.0004* (0.58) | |
| Lnb | L1 | − 0.2209** (− 1.58) | − 0.2577** (− 1.53) | − 0.2241 (− 1.64) | − 0.2845** (− 1.57) | − 0.1860** (− 1.06) | 0.0292 (0.30) |
| L2 | 0.0287* (1.06) | − 0.0208** (− 0.71) | − 0.0540 (− 1.94) | 0.0623* (2.67) | 0.0096* (0.56) | − 0.4184* (− 0.53) | |
| L3 | 0.0115 (0.52) | 0.0110*** (0.47) | − 0.0121** (− 0.54) | 0.0152 (0.80) | 0.0056 (0.41) | − 0.1357* (− 0.21) | |
Standard errors in parentheses, *p < .05; **p < .01; ***p < .001