Table 8 Dynamic ARDL simulations analysis
Dependent variable: InCO2 | Direct effects of financial development on CO2 emissions | Moderating role of financial development (FD) on CO2 emissions through economic growth (represented by scale effect, SE) channel | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | |
a | ||||||||||
Cons |  − 1.0613** (− 2.41) |  − 1.0628*** (− 3.02) |  − 1.0701 (0.82) |  − 1.0743** (− 2.51) |  − 1.0680 (− 1.01) |  − 1.0051** (− 2.50) |  − 1.0606* (− 0.85) |  − 1.0742 (0.51) |  − 1.0615*** (− 3.90) |  − 1.0609** (− 2.46) |
\(\mathrm{In}{SE}_{t-1}\) | 0.2014*** (4.67) | 0.2182** (2.41) | 0.2517*** (3.10) | 0.2370*** (3.64) | 0.2014** (2.58) | 0.2190 (0.34) | 0.2035** (2.38) | 0.2402 (0.51) | 0.2195 (1.71) | 0.2071** (2.62) |
\(\Delta In{SE}_{t}\) | 0.3613** (2.31) | 0.2614*** (3.93) | 0.3182** (2.53) | 0.3505** (2.40) | 0.2915** (2.52) | 0.3014** (2.48) | 0.2501** (2.43) | 0.3053 (1.53) | 0.3213 (1.37) | 0.2908 (0.43) |
\({InTE}_{t-1}\) |  − 0.7152*** (− 5.10) |  − 0.7203** (− 2.42) |  − 0.7188*** (− 3.85) |  − 0.6920** (− 2.49) |  − 0.7094** (− 2.10) |  − 0.7024*** (− 3.61) |  − 0.7174*** (− 3.06) |  − 0.7073 (− 0.31) |  − 0.7001 (− 0.83) |  − 0.7060 (− 0.44) |
\(\mathrm{\Delta In}{TE}_{t}\) |  − 0.6284** (− 2.32) |  − 0.6180 (− 1.48) |  − 0.6207*** (− 3.51) |  − 0.5013** (− 2.51) |  − 0.6172** (− 2.60) |  − 0.6106 (− 0.84) |  − 0.6043 (− 0.61) |  − 0.6103 (− 1.42) |  − 0.5916** (− 3.35) |  − 0.6180** (− 2.38) |
\({InM3GDP}_{t-1}\) |  − 0.0517** (− 2.51) |  |  |  |  | 0.0613*** (3.44) |  |  |  |  |
\(\Delta {InM3GDP}_{t}\) |  − 0.1526*** (− 4.65) |  |  |  |  | 0.2010 (0.51) |  |  |  |  |
\({In(M3GDP}_{t-1}*{SE}_{t-1})\) |  |  |  |  |  |  − 0.0317*** (− 3.51) |  |  |  |  |
\(\Delta {In(M3GDP}_{t}*{SE}_{t})\) |  |  |  |  |  |  − 0.0103** (− 2.72) |  |  |  |  |
\({InTDGDP}_{t-1}\) |  |  − 0.0814 (− 1.36) |  |  |  |  | 0.0715*** (3.17) |  |  |  |
\(\Delta {InTDGDP}_{t}\) |  |  − 0.1150 (− 0.58) |  |  |  |  | 0.1802** (2.40) |  |  |  |
\({In(TDGDP}_{t-1}*{SE}_{t-1})\) |  |  |  |  |  |  |  − 0.0317*** (− 3.51) |  |  |  |
\(\Delta {In(TDGDP}_{t}*{SE}_{t})\) |  |  |  |  |  |  |  − 0.0103** (− 2.72) |  |  |  |
\({InDCPS}_{t-1}\) |  |  |  − 0.1030** (− 2.58) |  |  |  |  | 0.0901 (1.31) |  |  |
\(\Delta {InDCPS}_{t}\) |  |  |  − 0.1027** (− 2.41) |  |  |  |  | 0.1624 (1.48) |  |  |
\({In(DCPS}_{t-1}*{SE}_{t-1})\) |  |  |  |  |  |  |  |  − 0.0251 (− 1.20) |  |  |
\(\Delta {In(DCPS}_{t}*{SE}_{t})\) |  |  |  |  |  |  |  |  − 0.0204 (− 1.53) |  |  |
\({InDCFS}_{t-1}\) |  |  |  |  − 0.0415*** (− 3.20) |  |  |  |  | 0.0517*** (3.54) |  |
\(\Delta {InDCFS}_{t}\) |  |  |  |  − 0.1203** (− 2.54) |  |  |  |  | 0.2074** (2.49) |  |
\({In(DCFS}_{t-1}*{SE}_{t-1})\) |  |  |  |  |  |  |  |  |  − 0.0328*** (− 3.51) |  |
\(\Delta {In(DCFS}_{t}*{SE}_{t})\) |  |  |  |  |  |  |  |  |  − 0.0163** (− 2.30) |  |
\({InFSDGDP}_{t-1}\) |  |  |  |  |  − 0.0853** (− 2.32) |  |  |  |  | 0.0726*** (3.03) |
\({\Delta InFSDGDP}_{t}\) |  |  |  |  |  − 0.1071** (− 2.51) |  |  |  |  | 0.2206 (0.51) |
\({In(FSDGDP}_{t-1}*{SE}_{t-1})\) |  |  |  |  |  |  |  |  |  |  − 0.0295*** (− 3.83) |
\(\Delta {In(FSDGDP}_{t}*{SE}_{t})\) |  |  |  |  |  |  |  |  |  |  − 0.0263** (− 2.50) |
\({InTECH}_{t-1}\) |  − 0.6142*** (− 3.61) |  − 0.6186 (− 0.50) |  − 0.6061*** (− 3.29) |  − 0.6103*** (− 3.61) |  − 0.5915** (− 2.42) |  − 0.6103** (− 2.40) |  − 0.6105 (− 0.37) |  − 0.5910*** (− 3.01) |  − 0.6168*** (− 3.04) |  − 0.5814** (− 2.38) |
\(\Delta {InTECH}_{t}\) |  − 0.1523** (− 2.39) |  − 0.1075 (− 1.52) |  − 0.1420** (− 2.41) |  − 0.1026** (− 2.53) |  − 0.1416** (− 2.51) |  − 0.2021** (− 2.51) |  − 0.1152 (− 1.03) |  − 0.1301 (− 0.72) |  − 0.1143** (− 2.49) |  − 0.1420** (− 2.47) |
\({InEC}_{t-1}\) | 0.3584** (2.35) | 0.3103** (2.49) | 0.3062** (2.47) | 0.2851** (2.52) | 0.3063 (0.51) | 0.3017 (0.52) | 0.3028** (2.47) | 0.3010** (2.32) | 0.2610** (2.53) | 0.3010 (0.42) |
\(\Delta {InEC}_{t}\) | 0.6142** (2.54) | 0.6068 (0.95) | 0.6103 (0.84) | 0.6052** (2.62) | 0.6010** (2.47) | 0.6001*** (3.93) | 0.6184** (2.48) | 0.6036** (2.41) | 0.6003*** (3.80)) | 0.6163** (2.51) |
\({InFDI}_{t-1}\) | 0.4284*** (3.74) | 0.4052*** (4.14) | 0.4102*** (3.06) | 0.4001 (0.41) | 0.4180*** (4.01) | 0.4291*** (3.10) | 0.4190** (2.48) | 0.4205** (2.51) | 0.4514 (0.62) | 0.4106** (2.48) |
\(\Delta {InFDI}_{t}\) | 0.1720* (1.99) | 0.1701 (0.92) | 0.1851** (2.40) | 0.1742* (1.99) | 0.1691** (2.53) | 0.1751** (2.52) | 0.1400 (0.41) | 0.1730* (1.99) | 0.1701 (0.84) | 0.1530** (2.45) |
\({InOPEN}_{t-1}\) | 0.5810 (1.48) | 0.5015** (2.36) | 0.5271** (2.41) | 0.5014** (2.39) | 0.5805*** (3.60) | 0.5217** (2.42) | 0.5082** (2.40) | 0.5050 (1.38) | 0.5029** (2.58) | 0.5822*** (3.31) |
\(\Delta {InOPEN}_{t}\) | 0.2576 (0.72) | 0.2062** (2.51) | 0.2503 (0.69) | 0.2142** (2.59) | 0.2504 (0.81) | 0.2503** (2.57) | 0.2014** (2.45) | 0.2361*** (3.37) | 0.2103** (2.42) | 0.2301** (2.50) |
\({InIGDP}_{t-1}\) | 0.1052 (0.16) | 0.1140** (2.51) | 0.1083** (2.39) | 0.1001 (0.84) | 0.1304 (0.36) | 0.1061*** (3.71) | 0.1027** (2.33) | 0.1162** (2.52) | 0.1284** (2.35) | 0.1315** (2.27) |
\(\Delta {InIGDP}_{t}\) | 0.2149** (2.41) | 0.2305** (2.49) | 0.2204 (0.67) | 0.2062** (2.58) | 0.2100** (2.36) | 0.2618** (2.62) | 0.2201** (2.26) | 0.2271 (0.51) | 0.2170** (2.43) | 0.2073** (2.29) |
ECT(− 1) |  − 0.8261*** (− 3.76) |  − 0.8274*** (− 3.43) |  − 0.8102*** (− 3.80) |  − 0.8025*** (− 3.62) |  − 0.8201*** (− 3.01) |  − 0.8160*** (− 3.03) |  − 0.8016*** (− 3.85) |  − 0.8119*** (− 3.13) |  − 0.8163*** (− 3.24) |  − 0.8070*** (− 3.01) |
R-squared | 0.7603 | 0.7502 | 0.7624 | 0.7481 | 0.7563 | 0.7501 | 0.7306 | 0.7520 | 0.7305 | 0.7410 |
Adj R-squared | 0.7251 | 0.7183 | 0.7270 | 0.7062 | 0.7301 | 0.7016 | 0.7027 | 0.7103 | 0.7006 | 0.7204 |
N | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 |
p Val of F-sta | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** |
Simulations | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 |
Dependent variable: InCO2 | Moderating role of financial development (FD) on CO2 emissions through energy consumption (EC) channel | Moderating role of financial development (FD) on CO2 emissions through foreign direct investment (FDI) channel | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | |
b | ||||||||||
Cons |  − 0.0631** (− 2.44) |  − 1.0652*** (− 3.15) |  − 1.0751 (0.41) |  − 1.0760** (− 2.37) |  − 1.0672 (− 1.63) |  − 1.0042** (− 2.38) |  − 1.0673* (− 0.61) |  − 1.0750 (0.32) |  − 1.0674*** (− 3.88) |  − 1.0653** (− 2.51) |
\(\mathrm{In}{SE}_{t-1}\) | 0.2081*** (3.42) | 0.2101 (1.30) | 0.2509*** (3.26) | 0.2303*** (3.16) | 0.2016 (1.37) | 0.2150** (2.41) | 0.2004** (2.41) | 0.2461*** (3.20) | 0.2155*** (3.03) | 0.2015** (2.03) |
\(\Delta In{SE}_{t}\) | 0.1420 (1.62) | 0.1314 (0.91) | 0.1382 (0.75) | 0.1505** (2.38) | 0.1315** (2.48) | 0.1414* (1.98) | 0.1201** (2.53) | 0.1353** (2.42) | 0.1413** (2.41) | 0.3208** (2.33) |
\({InTE}_{t-1}\) |  − 0.4152** (− 2.21) |  − 0.4003 (− 1.38) |  − 0.4188*** (− 3.31) |  − 0.4020 (− 1.35) |  − 0.4194*** (− 5.23) |  − 0.4124*** (− 3.03) |  − 0.4074*** (− 3.05) |  − 0.4173*** (− 3.04) |  − 0.4201 (− 0.80) |  − 0.4060*** (− 3.41) |
\(\mathrm{\Delta In}{TE}_{t}\) |  − 0.3205 (− 1.14) |  − 0.3080** (− 2.41) |  − 0.3107 (− 1.50) |  − 0.3013 (− 0.70) |  − 0.3372** (− 2.51) |  − 0.3106** (− 2.48) |  − 0.3243** (− 2.52) |  − 0.3103** (− 2.41) |  − 0.3316 (− 0.31) |  − 0.3080** (− 2.31) |
\({InM3GDP}_{t-1}\) |  − 0.0362** (− 2.61) |  |  |  |  | 0.0665*** (3.51) |  |  |  |  |
\(\Delta {InM3GDP}_{t}\) |  − 0.1571 (− 1.30) |  |  |  |  | 0.2081** (2.49) |  |  |  |  |
\({In(M3GDP}_{t-1}*{EC}_{t-1})\) | 0.0251*** (3.71) | Â | Â | Â | Â | Â | Â | Â | Â | Â |
\(\Delta {In(M3GDP}_{t}*{EC}_{t})\) | 0.0142** (2.34) | Â | Â | Â | Â | Â | Â | Â | Â | Â |
\({In(M3GDP}_{t-1}*{FDI}_{t-1})\) |  |  |  |  |  |  − 0.0582** (− 2.49) |  |  |  |  |
\(\Delta {In(M3GDP}_{t}*{FDI}_{t})\) |  |  |  |  |  |  − 0.0315 (− 1.45) |  |  |  |  |
\({InTDGDP}_{t-1}\) |  |  − 0.0871*** (− 3.92) |  |  |  |  | 0.0738*** (3.83) |  |  |  |
\(\Delta {InTDGDP}_{t}\) |  |  − 0.1169** (− 2.63) |  |  |  |  | 0.1819 (0.37) |  |  |  |
\({In(TDGDP}_{t-1}*{EC}_{t-1})\) | Â | 0.0271*** (3.90) | Â | Â | Â | Â | Â | Â | Â | Â |
\(\Delta {In(TDGDP}_{t}*{EC}_{t})\) | Â | 0.0138 (1.43) | Â | Â | Â | Â | Â | Â | Â | Â |
\({In(TDGDP}_{t-1}*{FDI}_{t-1})\) |  |  |  |  |  |  |  − 0.0448*** (− 3.14) |  |  |  |
\(\Delta {In(TDGDP}_{t}*{FDI}_{t})\) |  |  |  |  |  |  |  − 0.0251** (− 2.75) |  |  |  |
\({InDCPS}_{t-1}\) |  |  |  − 0.1051** (− 2.48) |  |  |  |  | 0.0901*** (3.01) |  |  |
\(\Delta {InDCPS}_{t}\) |  |  |  − 0.1038** (− 2.35) |  |  |  |  | 0.1624 (1.48) |  |  |
\({In(DCPS}_{t-1}*{EC}_{t-1})\) | Â | Â | 0.0226*** (3.12) | Â | Â | Â | Â | Â | Â | Â |
\(\Delta {In(DCPS}_{t}*{EC}_{t})\) | Â | Â | 0.0133 (1.37) | Â | Â | Â | Â | Â | Â | Â |
\({In(DCPS}_{t-1}*{FDI}_{t-1})\) |  |  |  |  |  |  |  |  − 0.0242*** (− 3.36) |  |  |
\(\Delta {In(DCPS}_{t}*{FDI}_{t})\) |  |  |  |  |  |  |  |  − 0.0213** (− 2.49) |  |  |
\({InDCFS}_{t-1}\) |  |  |  |  − 0.0403* (− 1.99) |  |  |  |  | 0.0583*** (3.16) |  |
\(\Delta {InDCFS}_{t}\) |  |  |  |  − 0.1281 (− 0.80) |  |  |  |  | 0.2003 (0.32) |  |
\({In(DCFS}_{t-1}*{EC}_{t-1})\) | Â | Â | Â | 0.0214*** (3.16) | Â | Â | Â | Â | Â | Â |
\(\Delta {In(DCFS}_{t}*{EC}_{t})\) | Â | Â | Â | 0.0194** (2.41) | Â | Â | Â | Â | Â | Â |
\({In(DCFS}_{t-1}*{FDI}_{t-1})\) |  |  |  |  |  |  |  |  |  − 0.0305*** (− 3.26) |  |
\(\Delta {In(DCFS}_{t}*{FDI}_{t})\) |  |  |  |  |  |  |  |  |  − 0.0108** (− 2.42) |  |
\({InFSDGDP}_{t-1}\) |  |  |  |  |  − 0.0804** (− 2.46) |  |  |  |  | 0.0708*** (3.17) |
\({\Delta InFSDGDP}_{t}\) |  |  |  |  |  − 0.1073** (− 2.42) |  |  |  |  | 0.2214 (0.48) |
\({In(FSDGDP}_{t-1}*{EC}_{t-1})\) | Â | Â | Â | Â | 0.0271*** (3.15) | Â | Â | Â | Â | Â |
\(\Delta {In(FSDGDP}_{t}*{EC}_{t})\) | Â | Â | Â | Â | 0.0184 (1.49) | Â | Â | Â | Â | Â |
\({In(FSDGDP}_{t-1}*{FDI}_{t-1})\) |  |  |  |  |  |  |  |  |  |  − 0.0203*** (− − 3.02) |
\(\Delta {In(FSDGDP}_{t}*{FDI}_{t})\) |  |  |  |  |  |  |  |  |  |  − 0.0214** (− 2.43) |
\({InTECH}_{t-1}\) |  − 0.6161*** (− 3.37) |  − 0.6101 (− 0.43) |  − 0.6001*** (− 3.01) |  − 0.6151*** (− 3.31) |  − 0.5987** (− 2.38) |  − 0.6162** (− 2.52) |  − 0.6182 (− 0.45) |  − 0.5974*** (− 3.51) |  − 0.6141*** (− 3.72) |  − 0.5894** (− 2.52) |
\(\Delta {InTECH}_{t}\) |  − 0.1041 (− 1.42) |  − 0.1935 (− 1.64) |  − 0.1030* (− 1.98) |  − 0.1156** (− 2.03) |  − 0.1596* (− 1.98) |  − 0.2981** (− 2.42) |  − 0.1842 (− 1.03) |  − 0.1441 (− 0.72) |  − 0.1913** (− 2.50) |  − 0.1870** (− 2.39) |
\({InEC}_{t-1}\) | 0.3073** (2.52) | 0.3943** (2.50) | 0.3412** (2.31) | 0.2021* (1.99) | 0.3173 (0.34) | 0.3637 (0.30) | 0.3198* (1.99) | 0.3240** (2.32) | 0.2830* (1.98) | 0.3790 (0.42) |
\(\Delta {InEC}_{t}\) | 0.6101 (0.16) | 0.6083 (0.92) | 0.6181 (0.54) | 0.6052** (2.62) | 0.6062** (2.48) | 0.6082** (0.98) | 0.6121** (2.30) | 0.6087** (2.57) | 0.6082*** (3.27)) | 0.6149** (2.52) |
\({InFDI}_{t-1}\) | 0.3684*** (3.01) | 0.3152*** (4.06) | 0.3802 (1.02) | 0.3101 (0.40) | 0.3780*** (4.70) | 0.3091*** (3.01) | 0.3290* (1.99) | 0.3505** (2.42) | 0.3814 (0.61) | 0.3206** (2.51) |
\(\Delta {InFDI}_{t}\) | 0.2020** (2.46) | 0.2501 (0.90) | 0.2051** (2.51) | 0.2942* (1.98) | 0.2791 (0.91) | 0.2551 (0.83) | 0.2700** (2.44) | 0.2630** (2.50) | 0.2501** (2.52) | 0.2230*** (3.81) |
\({InOPEN}_{t-1}\) | 0.5030** (2.53) | 0.5065** (2.40) | 0.5841 (1.32) | 0.5854** (2.48) | 0.5915*** (3.05) | 0.5887 (1.36) | 0.5732** (2.51) | 0.5830** (2.59) | 0.5639** (2.44) | 0.5752*** (3.84) |
\(\Delta {InOPEN}_{t}\) | 0.1676 (0.40) | 0.1862** (2.49) | 0.1003 (0.68) | 0.1542* (1.98) | 0.1604 (0.82) | 0.1903** (2.26) | 0.1814** (2.38) | 0.1761** (2.30) | 0.1503** (2.40) | 0.1901** (2.44) |
\({InIGDP}_{t-1}\) | 0.2652 (0.18) | 0.2040** (2.43) | 0.2483** (2.41) | 0.2701 (0.81) | 0.2804 (0.30) | 0.2161** (2.49) | 0.2327** (2.41) | 0.2562** (2.54) | 0.2084** (2.30) | 0.2515*** (3.23) |
\(\Delta {InIGDP}_{t}\) | 0.2029** (2.43) | 0.2745** (2.41) | 0.2174 (0.60) | 0.2742* (1.99) | 0.2730** (2.30) | 0.2558** (2.66) | 0.2031** (2.24) | 0.2831 (0.50) | 0.2920** (2.40) | 0.2513** (2.24) |
ECT (− 1) |  − 0.8202*** (− 3.71) |  − 0.8284*** (− 3.48) |  − 0.8119*** (− 3.83) |  − 0.8004*** (− 3.61) |  − 0.8288*** (− 3.84) |  − 0.8141*** (− 3.42) |  − 0.8073*** (− 3.66) |  − 0.8175*** (− 3.15) |  − 0.8101*** (− 3.26) |  − 0.8082*** (− 3.84) |
R-squared | 0.7617 | 0.7581 | 0.7605 | 0.7466 | 0.7581 | 0.7594 | 0.7388 | 0.7515 | 0.7343 | 0.7451 |
Adj R-squared | 0.7242 | 0.7180 | 0.7216 | 0.7004 | 0.7325 | 0.7077 | 0.7001 | 0.7153 | 0.7042 | 0.7211 |
N | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 | 60 |
p Val of F-sta | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** |
Simulations | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 | 1000 |
Dependent variable: InCO2 | Moderating role of financial development (FD) on CO2 emissions through trade openness (OPEN) channel | ||||
|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | |
c | |||||
Cons |  − 1.0652** (− 2.38) |  − 1.0671*** (− 3.41) |  − 1.0781 (0.51) |  − 1.0795** (− 2.69) |  − 1.0655 (− 1.26) |
\(\mathrm{In}{SE}_{t-1}\) | 0.1814 (1.01) | 0.1582** (2.55) | 0.1317*** (3.59) | 0.1770*** (3.04) | 0.1414** (2.47) |
\(\Delta In{SE}_{t}\) | 0.2013** (2.04) | 0.1414** (2.49) | 0.2682 (0.70) | 0.1805** (2.41) | 0.1815** (2.58) |
\({InTE}_{t-1}\) |  − 0.3052*** (− 5.11) |  − 0.3103** (− 2.44) |  − 0.3088*** (− 3.05) |  − 0.3320 (− 0.59) |  − 0.3294*** (− 5.40) |
\(\mathrm{\Delta In}{TE}_{t}\) |  − 0.2084 (− 1.37) |  − 0.2480 (− 1.41) |  − 0.2107*** (− 3.52) |  − 0.2213** (− 2.40) |  − 0.2472** (− 2.60) |
\({InM3GDP}_{t-1}\) |  − 0.0311** (− 2.52) |  |  |  |  |
\(\Delta {InM3GDP}_{t}\) |  − 0.2826*** (− 4.03) |  |  |  |  |
\({In(M3GDP}_{t-1}*{OPEN}_{t-1})\) |  − 0.0283*** (− 3.06) |  |  |  |  |
\(\Delta {In(M3GDP}_{t}*{OPEN}_{t})\) |  − 0.0204** (− 2.25) |  |  |  |  |
\({InTDGDP}_{t-1}\) |  |  − 0.0820*** (− 3.46) |  |  |  |
\(\Delta {InTDGDP}_{t}\) |  |  − 0.1193** (− 2.52) |  |  |  |
\({In(TDGDP}_{t-1}*{OPEN}_{t-1})\) |  |  − 0.0271*** (− 3.02) |  |  |  |
\(\Delta {In(TDGDP}_{t}*{OPEN}_{t})\) |  |  − 0.0275** (− 2.46) |  |  |  |
\({InDCPS}_{t-1}\) |  |  |  − 0.1061** (− 2.58) |  |  |
\(\Delta {InDCPS}_{t}\) |  |  |  − 0.1053** (− 2.41) |  |  |
\({In(DCPS}_{t-1}*{OPEN}_{t-1})\) |  |  |  − 0.0204*** (− 3.80) |  |  |
\(\Delta {In(DCPS}_{t}*{OPEN}_{t})\) |  |  |  − 0.0263** (− 2.51) |  |  |
\({InDCFS}_{t-1}\) |  |  |  |  − 0.0441*** (− 3.31) |  |
\(\Delta {InDCFS}_{t}\) |  |  |  |  − 0.1252 (− 0.74) |  |
\({In(DCFS}_{t-1}*{OPEN}_{t-1})\) |  |  |  |  − 0.0261 (− 1.84) |  |
\(\Delta {In(DCFS}_{t}*{OPEN}_{t})\) |  |  |  |  − 0.0267 (− 0.51) |  |
\({InFSDGDP}_{t-1}\) |  |  |  |  |  − 0.0753** (− 2.22) |
\({\Delta InFSDGDP}_{t}\) |  |  |  |  |  − 0.1571** (− 2.82) |
\({In(FSDGDP}_{t-1}*{OPEN}_{t-1})\) |  |  |  |  |  − 0.0298*** (− 3.06) |
\(\Delta {In(FSDGDP}_{t}*{OPEN}_{t})\) |  |  |  |  |  − 0.0271** (− 2.48) |
\({InTECH}_{t-1}\) |  − 0.5042*** (− 3.05) |  − 0.5286 (− 0.42) |  − 0.5861*** (− 3.26) |  − 0.5003*** (− 3.01) |  − 0.5415** (− 2.30) |
\(\Delta {InTECH}_{t}\) |  − 0.2023 (− 0.99) |  − 0.2175 (− 1.60) |  − 0.2020** (− 2.59) |  − 0.2226** (− 2.48) |  − 0.2016** (− 2.42) |
\({InEC}_{t-1}\) | 0.3501** (2.42) | 0.3179** (2.45) | 0.3081** (2.43) | 0.2895* (1.99) | 0.3001 (0.58) |
\(\Delta {InEC}_{t}\) | 0.6106 (0.86) | 0.6072 (0.84) | 0.6174 (0.95) | 0.6017** (2.53) | 0.6080* (1.99) |
\({InFDI}_{t-1}\) | 0.3184*** (3.70) | 0.3852*** (4.18) | 0.3702*** (3.17) | 0.3101 (0.42) | 0.3380*** (4.11) |
\(\Delta {InFDI}_{t}\) | 0.1420** (2.59) | 0.1401 (0.91) | 0.1451** (2.41) | 0.1542** (2.39) | 0.1491 (0.92) |
\({InOPEN}_{t-1}\) | 0.5884** (2.40) | 0.5058** (2.36) | 0.5202** (2.41) | 0.5060** (2.37) | 0.5814*** (3.61) |
\(\Delta {InOPEN}_{t}\) | 0.2542 (0.75) | 0.2010** (2.52) | 0.2552** (2.69) | 0.2171 (1.93) | 0.2515 (0.82) |
\({InIGDP}_{t-1}\) | 0.2252 (0.10) | 0.2340** (2.52) | 0.2683** (2.30) | 0.2701 (0.81) | 0.2504 (0.34) |
\(\Delta {InIGDP}_{t}\) | 0.2185** (2.41) | 0.2314** (2.49) | 0.2287 (0.67) | 0.2092* (1.98) | 0.2164** (2.36) |
ECT(− 1) |  − 0.8270*** (− 3.71) |  − 0.8251*** (− 3.44) |  − 0.8182*** (− 3.84) |  − 0.8024*** (− 3.60) |  − 0.8204*** (− 3.05) |
R-squared | 0.7651 | 0.7559 | 0.7605 | 0.7467 | 0.7572 |
Adj R-squared | 0.7266 | 0.7191 | 0.7261 | 0.7051 | 0.7374 |
N | 60 | 60 | 60 | 60 | 60 |
p Val of F-sta | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** | 0.0000*** |
Simulations | 1000 | 1000 | 1000 | 1000 | 1000 |