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 | 0.0811 (1.19) | 0.0651* (1.83) | 0.1014** (2.46) | 0.1107** (2.12) | 0.1127** (2.47) | 0.1334** (2.39) |
\( {\left(\raisebox{1ex}{$I$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it-1} \) | 0.0759** (2.36) | 0.0716** (2.16) | 0.0813** (2.44) | 0.1167** (2.48) | 0.1052** (2.45) | 0.1216** (1.99) |
Q it | 0.0408** (2.38) | – | 0.0419*** (2.89) | – | 0.0612*** (3.59) | – |
\( {\left(\raisebox{1ex}{$S$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | – | 0.0913** (2.53) | – | 0.1404*** (3.17) | – | 0.1123*** (5.54) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it} \) | 0.1914*** (4.16) | 0.2219** (2.15) | 0.2215*** (3.88) | 0.1901** (2.11) | 0.2012*** (3.14) | 0.1704** (2.16) |
\( {\left(\raisebox{1ex}{$ CF$}\!\left/ \!\raisebox{-1ex}{$K$}\right.\right)}_{it}\kern0.5em \times \kern0.5em {FDI}_t \) | – | – | −0.1302** (−2.09) | − 0.1116** (− 2.18) | −0.0891** (− 2.01) | −0.0652** (− 2.11) |
FDI t | – | – | – | – | 0.1419** (2.51) | 0.1708** (2.14) |
m1 (p) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) | (0.00) |
m2 (p) | (0.17) | (0.62) | (0.18) | (0.53) | (0.14) | (0.37) |
Sargan Test | (0.21) | (0.26) | (0.23) | (0.27) | (0.33) | (0.35) |
Hansen-J Test | (0.27) | (0.31) | (0.18) | (0.34) | (0.26) | (0.38) |
Wald Test | χ2 (04) = 382.11 (0.0000) | χ2 (04) = 523.41 (0.0000) | χ2 (05) = 388.26 (0.0000) | χ2(05) = 611.29 (0.0000) | χ2 (06) = 426.35 (0.0000) | χ2(06) = 655.35 (0.0000) |