Table 5 Investment equations, III.
(5.1) | (5.2) | (5.3) | (5.4) | |
|---|---|---|---|---|
Estimated coefficients | ||||
Depreciation component, RERD | 0.306 (0.00) | 0.477 (0.00) | 1.083 (0.00) | 0.628 (0.00) |
Appreciation component, RERA | 0.465 (0.00) | 0.829 (0.00) | 0.480 (0.12) | 1.043 (0.00) |
Industrial production index | 2.950 (0.00) | 1.893 (0.04) | ||
Government investment | − 0.277 (0.00) | − 0.289 (0.00) | − 0.838 (0.00) | − 0.412 (0.00) |
Nominal interest rate, NIR | − 0.628 (0.00) | − 0.875 (0.00) | − 1.055 (0.07) | − 1.161 (0.00) |
Annual inflation rate, INF | 0.368 (0.00) | 0.482 (0.00) | 0.476 (0.14) | 0.624 (0.00) |
Manufacturing exports | 0.589 (0.03) | 0.997 (0.00) | ||
Gross domestic product | 1.252 (0.00) | 0.826 (0.00) | ||
Error-correction coefficient, ρ | − 0.739 (0.00) | − 0.475 (0.00) | − 0.175 (0.00) | − 0.292 (0.00) |
Intercept shifts | ||||
1995–2016, post-tequila crisis | − 3.48 (0.00) | − 5.99 (0.00) | − 6.01 (0.00) | − 7.32 (0.00) |
2013–2016, global slowdown | − 1.25 (0.00) | − 1.63 (0.00) | − 5.09 (0.00) | − 2.62 (0.02) |
Diagnostics | ||||
Jarque–Bera | 0.880 | 0.216 | 0.978 | 0.892 |
Breusch‒Godfrey, n = 4 | 0.384 | 0.718 | 0.851 | 0.896 |
ARCH | 0.695 | 0.112 | 0.544 | 0.465 |
Ramsey’s RESET | 0.106 | 0.702 | 0.656 | 0.944 |
Adjusted R-squared | 0.870 | 0.889 | 0.899 | 0.908 |
Wald and bounds tests | ||||
Wald RERD = RERA | 0.086 | 0.052 | 0.001 | 0.109 |
Wald NIR = − INF | 0.003 | 0.002 | 0.074 | 0.005 |
Bounds t statistic | − 8.69*** | − 3.75 | − 3.46 | − 4.34* |
Bounds F statistic | 19.09*** | 5.76*** | 8.88*** | 6.52*** |