Table 5 Short-run and ECM results

\(\Delta\)lnGDP₋₁

0.285

− 0.262**

− 0.342*

− 0.326**

(0.257)

(0.110)

(0.177)

(0.119)

\(\Delta\)lnGDP₋₂

0.474***

(0.161)

\(\Delta\)lnExport

0.077***

0.025**

(0.025)

(0.011)

\(\Delta {\text{ln}}\)Export₋₁

0.014***

0.023**

(0.008)

(0.011)

\(\Delta\)lnExport₋₂

0.024***

(0.006)

\(\Delta\)Import

0.007

− 0.032

(0.020)

(0.019)

\(\Delta\)lnImport₋₁

− 0.006

− 0.027*

(0.015)

(0.015)

\(\Delta\)lnImport₋₂

0.007

− 0.008

(0.013)

(0.01)

\(\Delta\)lnTrade

0.010

(0.027)

\(\Delta\)lnTrade₋₁

− 0.010

(0.018)

\(\Delta\)lnFDI

0.002**

0.009***

(0.001)

(0.001)

\(\Delta\)lnFDI₋₁

0.002**

0.001

(0.001)

(0.001)

\(\Delta\)lnM3

0.063**

0.065**

0.059*

(0.024)

(0.025)

(0.030)

\(\Delta\)lnM3₋₁

0.008

− 0.003

(0.021)

(0.026)

\(\Delta\)lnM3₋₂

0.071***

(0.017)

\(\Delta\)lnL

0.496***

0.429**

0.468**

0.402**

0.708**

0.565

0.432**

(0.126)

(0.200)

(0.171)

(0.195)

(0.274)

(0.332)

(0.192)

\(\Delta\)lnL₋₁

0.508***

0.541

0.370

0.494

0.846**

0.758**

(0.285)

(0.513)

(0.298)

(0.308)

(0.408)

(0.342)

\(\Delta\)lnL₋₂

0.940***

0.636**

0.572*

(0.285)

(0.310)

(0.303)

\(\Delta\)lnK

0.605***

0.828***

0.679**

0.789*

0.525

0.246

0.776*

(0.294)

(0.335)

(0.273)

(0.395)

(0.482)

(0.651)

(0.449)

\(\Delta\)lnK₋₁

0.797***

0.812***

0.698**

0.550**

0.866

(0.215)

(0.251)

(0.267)

(0.236)

(0.562)

\(\Delta\)lnK₋₂

0.544

(0.349)

Crises

− 0.004

− 0.968

− 0.041

(0.012)

(1.345)

(0.435)

Crises × lnExport

0.104

(0.137)

Crises × lnImport

− 0.089

(0.298)

Crises × lnTrade

− 0.054

(0.073)

Crises × lnFDI

− 0.021***

(0.004)

EC₋₁

− 0.489***

− 0.390**

− 0.410**

− 0.318**

− 0.335**

− 0.358**

− 0.329**

(0.109)

(0.161)

(0.174)

(0.133)

(0.128)

(0.163)

(0.139)