Table 7.

OLS-FE, RE-GLS, and PMG-ARDL coefficients.

Variable	PMG/ARDL	OLS-FE	RE-GLS
Long-run Coefficients
$\mathrm{lnGDP}$	27.78∗∗∗ (8.6583)	24.298∗∗∗ (8.413)	20.804∗∗∗ (3.8257)
${\mathrm{lnGDP}}^2$	-1.3139∗∗∗ (0.4087)	-1.1512∗∗∗ (0.1621)	-0.9861∗∗∗ (0.1817)
$\mathrm{lnREI}$	-0.0125 (0.0114)	-0.0144∗∗∗ (0.0069)	-0.0179∗∗∗ (0.0079)
$\mathrm{lnRE}$	-0.4924∗∗∗ (0.0796)	-0.1080∗∗∗ (0.1145)	-0.0884∗∗∗ (0.0125)
Constant		-127.47∗∗∗ (17.981)	-108.86∗∗∗ (20.147)
Short-run Coefficients
$ECT(-1)$	-0.2302∗∗ (0.0822)
$\mathrm{lnGDP}$	7.9479 (12.107)
${\mathrm{lnGDP}}^2$	-0.3327 (0.5734)
$\mathrm{lnREI}$	-0.1040∗∗∗ (0.0074)
$\mathrm{lnRE}$	-0.0804∗∗ (0.0328)
Constant	-34.2816∗∗ (12.203)

Note: ∗∗∗, ∗∗ and ∗ indicate rejection of the null hypotheses at 1%, 5%, and 10% significance level, respectively while the maximum lag (i.e., 2) is selected based on AIC lag-selection technique.