Table 6.
Results of FMOLS and PMG-ARDL estimation
| Variables/estimation method (long-run equation) | FMOLS | PMG (p = q = 1) |
|---|---|---|
| Pooled | ||
| L(GREC) | 4.738*** (1.269) | 8.075*** (2.512) |
| L(GREC2) | −0.220*** (0.059) | −0.337*** (0.123) |
| L(PEC) | 0.607*** (0.100) | 0.712*** (0.128) |
| L(ECI) | −0.423*** (0.080) | −0.237*** (0.070) |
| L(OTT) | −0.162*** (0.044) | −0.370*** (0.063) |
| Variables/estimation method (short-run equation) | PMG (p = q = 1) | |
| ECT−1 | −0.736*** (0.141) | |
| ΔL(GREC) | −12.908 (30.644) | |
| ΔL(GREC2) | 0.481 (1.446) | |
| ΔL(PEC) | −0.690** (0.318) | |
| ΔL(ECI) | −0.148 (0.122) | |
| ΔL(OTT) | 0.311*** (0.111) | |
| Constant | −36.885*** (7.062) | |
| Trend | −0.011*** (0.003) | |
| Groups | 10 | 10 |
| Observations | 190 | 190 |
| R-squared | 0.877 | |
| Sum-squared resid | 0.757 | 0.231 |
| Log-likelihood | 447.518 |