(2a.1) | (2a.2) | (2a.3) | (2a.4) | |
---|---|---|---|---|
Manufacturing | Tradables | Non-tradables | Whole economy (tradables + non-tradables) | |
(a) Capital accumulation equations, IIa | ||||
Estimated coefficients | ||||
Depreciation component, RERD | 0.203 (0.02) | 0.182 (0.02) | − 0.054 (0.05) | 0.080 (0.01) |
Appreciation component, RERA | 0.247 (0.00) | 0.244 (0.00) | − 0.055 (0.02) | 0.096 (0.00) |
Production growth rate | 0.756 (0.06) | 1.052 (0.00) | 0.638 (0.00) | 0.948 (0.00) |
Error-correction coefficient, ρ | − 0.278 (0.00) | − 0.215 (0.00) | − 1.016 (0.00) | − 0.329 (0.00) |
Diagnostics | ||||
Jarque–Bera | 0.765 | 0.750 | 0.534 | 0.639 |
Breusch‒Godfrey, n = 2 | 0.552 | 0.316 | 0.489 | 0.763 |
ARCH | 0.799 | 0.421 | 0.987 | 0.178 |
Ramsey’s RESET | 0.910 | 0.999 | 0.729 | 0.795 |
Adjusted R-squared | 0.938 | 0.947 | 0.866 | 0.954 |
Wald and bounds tests | ||||
Wald RERD = RERA | 0.035 | 0.005 | 0.965 | 0.146 |
Bounds t statistic | − 3.87** | − 3.27^{#} | − 4.70*** | − 3.88** |
Bounds F statistic | 24.13*** | 33.42*** | 11.93*** | 36.06*** |
(2b.1) | (2b.2) | (2b.3) | (2b.4) | |
---|---|---|---|---|
Manufacturing | Tradables | Non-tradables | Whole economy (tradables + non-tradables) | |
(b) Capital accumulation equations, IIb | ||||
Estimated coefficients | ||||
Depreciation component, RERD | 0.175 (0.04) | 0.230 (0.00) | − 0.034 (0.02) | 0.084 (0.00) |
Appreciation component, RERA | 0.228 (0.00) | 0.271 (0.00) | − 0.040 (0.00) | 0.093 (0.00) |
Production growth rate, high, QH | 0.954 (0.01) | 0.650 (0.00) | 0.662 (0.00) | 0.779 (0.00) |
Production growth rate, low, QL | 1.735 (0.00) | 1.837 (0.00) | 0.406 (0.00) | 1.115 (0.00) |
Error-correction coefficient, ρ | − 0.232 (0.00) | − 0.272 (0.00) | − 1.366 (0.00) | − 0.360 (0.00) |
Diagnostics | ||||
Jarque–Bera | 0.992 | 0.969 | 0.855 | 0.626 |
Breusch‒Godfrey, n = 2 | 0.878 | 0.719 | 0.299 | 0.593 |
ARCH | 0.815 | 0.647 | 0.754 | 0.953 |
Ramsey’s RESET | 0.750 | 0.599 | 0.912 | 0.484 |
Adjusted R-squared | 0.933 | 0.969 | 0.940 | 0.966 |
Wald and bounds tests | ||||
Wald QH = QL | 0.164 | 0.004 | 0.035 | 0.135 |
Wald RERD = RERA | 0.045 | 0.019 | 0.192 | 0.310 |
Bounds t statistic | − 3.33^{#} | − 4.19** | − 7.33*** | − 4.82*** |
Bounds F statistic | 23.37*** | 35.02*** | 13.96*** | 39.08*** |