Variables | Q-Model (Eq. 2) | Euler Equation (Eq. 6) | Q-Model (Eq. 3) | Euler Equation (Eq. 7) | Q-Model (Eq. 4) | Euler Equation (Eq. 11) |
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Constant | 0.0945** (2.38) | 0.0812* (1.92) | 0.1261** (2.37) | 0.0911 (1.17) | 0.0517* (1.67) | 0.0716 (1.19) |
\( {\left(\raisebox{1ex}{$I$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it-1} \) | 0.0796** (2.41) | 0.0842** (2.36) | 0.0611** (2.12) | 0.0419** (2.05) | 0.0651** (2.38) | 0.0518** (2.49) |
Q it | 0.0615** (2.09) | – | 0.0618** (2.19) | – | 0.0518* (1.91) | – |
\( {\left(\raisebox{1ex}{$S$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | – | 0.1147** (2.13) | – | 0.1218** (2.15) | – | 0.0714* (1.69) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | 0.1614*** (3.88) | 0.1671** (2.55) | 0.1738*** (3.88) | 01719** (2.44) | 0.1842** (2.42) | 0.1519** (2.09) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it}\kern0.5em \times \kern0.5em {FDI}_t \) | – | – | −0.0718** (−2.14) | − 0.0903** (− 2.05) | − 0.0611* (−1.78) | −0.0513** (− 1.96) |
FDI t | – | – | – | – | 0.1206** (2.13) | 0.1315** (2.47) |
m1 (p) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) |
m2 (p) | (0.35) | (0.55) | (0.28) | (0.58) | (0.31) | (0.52) |
Sargan Test | (0.27) | (0.34) | (0.31) | (0.42) | (0.32) | (0.19) |
Hansen-J Test | (0.41) | (0.43) | (0.50) | (0.26) | (0.51) | (0.45) |
Wald Test | χ2 (04) = 632.15 (0.0000) | χ2 (04) = 528.14 (0.0000) | χ2 (05) = 438.19 (0.0000) | χ2(05) = 721.36 (0.0001) | χ2 (05) = 458.99 (0.0000) | χ2(05) = 651.49 (0.0001) |