Table 8 Results of (dynamic) common correlated effects estimator-mean group (CS-ARDL)
Variables | Dependent variable labor productivity | ||
|---|---|---|---|
(1) | (2) | (3) | |
Overall financial development | Financial institutions development | Financial markets development | |
Long-run coefficients | |||
L.lnprod | 0.0285 (0.0275) | 0.0338 (0.0283) | 0.00205 (0.0335) |
Lncapta | 0.140*** (0.0414) | 0.138*** (0.0441) | 0.128*** (0.0466) |
Fd | 0.320 (0.345) | ||
Fi | − 0.176 (0.239) | ||
Fm | 4.269 (2.827) | ||
Constant | 5.605*** (0.945) | 5.626*** (1.006) | 6.098*** (1.167) |
Adjustment term | − 0.971*** (0.0275) | − 0.966*** (0.0283) | − 0.998*** (0.0335) |
Long-run coefficients | |||
lr_fd | 0.290 (0.331) | ||
lr_lncapta | 0.164*** (0.0516) | 0.162*** (0.0544) | 0.156*** (0.0511) |
lr_fi | − 0.167 (0.244) | ||
lr_fm | 4.783 (2.931) | ||
lr__cons | 5.384*** (1.084) | 5.452*** (1.155) | 5.528*** (1.080) |
Observations | 695 | 695 | 695 |
Number of groups | 36 | 36 | 36 |