Table 3 Investment equations, I.
(3.1) | (3.2) | (3.3) | (3.4) | |
|---|---|---|---|---|
Estimated coefficients | ||||
Depreciation component, RERD | 0.490 (0.07) | 0.402 (0.09) | 0.435 (0.06) | 0.451 (0.08) |
Appreciation component, RERA | 1.052 (0.02) | 0.968 (0.00) | 0.825 (0.01) | 1.151 (0.01) |
Industrial production index | 4.183 (0.00) | 3.859 (0.00) | 3.501 (0.00) | 3.797 (0.00) |
Government investment | − 0.463 (0.00) | − 0.449 (0.00) | − 0.450 (0.00) | − 0.452 (0.00) |
Nominal interest rate, NIR | − 1.460 (0.00) | − 1.701 (0.00) | − 1.623 (0.00) | |
Annual inflation rate, INF | 0.807 (0.00) | 1.007 (0.00) | 0.929 (0.00) | |
Monetary aggregate M3 | − 0.443 (0.09) | |||
Manufacturing exports | 0.126 (0.74) | |||
Error-correction coefficient, ρ | − 0.272 (0.00) | − 0.346 (0.00) | − 0.368 (0.00) | − 0.321 (0.00) |
Diagnostics | ||||
Jarque–Bera | 0.537 | 0.354 | 0.413 | 0.465 |
Breusch‒Godfrey, n = 4 | 0.012** | 0.159 | 0.582 | 0.258 |
ARCH | 0.212 | 0.317 | 0.956 | 0.555 |
Ramsey’s RESET | 0.274 | 0.507 | 0.214 | 0.319 |
Adjusted R-squared | 0.746 | 0.796 | 0.838 | 0.814 |
Wald and bounds tests | ||||
Wald RERD = RERA | 0.016 | 0.002 | 0.030 | 0.009 |
Wald NIR = − INF | 0.005 | 0.001 | 0.007 | |
Bounds t statistic | − 3.33 | − 3.99 | − 4.38* | − 2.97 |
Bounds F statistic | 6.95*** | 5.41*** | 6.69*** | 5.59*** |