Table 7 PMG-ARDL Results

Long-run estimate

 GDP

− 0.272

0.654**

1.184***

1.964***

− 1.198***

− 1.415***

− 7.810***

− 6.679***

(0.261)

(0.264)

(0.183)

(0.222)

(0.358)

(0.524)

(2.358)

(2.037)

 GDP²

0.037***

− 0.018

− 0.080***

− 0.101***

0.094***

0.107***

0.688***

0.542***

(0.013)

(0.013)

(0.012)

(0.013)

(0.023)

(0.033)

(0.189)

(0.168)

 ENG

0.951***

− 0.056

1.205***

2.638***

1.178***

− 0.109

0.965***

− 1.922***

(0.042)

(0.523)

(0.035)

(0.436)

(0.048)

(0.389)

(0.134)

(0.686)

 EDU

− 0.267***

− 0.333**

0.134

0.528***

0.209**

0.896***

0.339***

3.269***

(0.089)

(0.169)

(0.100)

(0.076)

(0.089)

(0.169)

(0.089)

(0.571)

 ENG*EDU

− 0.206*

− 0.346***

0.285***

0.756***

(0.110)

(0.095)

(0.084)

(0.160)

Short-run estimate

 ECT

− 0.191***

− 0.227***

− 0.192***

− 0.435***

− 0.199***

− 0.200***

− 0.245***

− 0.254***

(0.044)

(0.054)

(0.046)

(0.088)

(0.040)

(0.042)

(0.054)

(0.042)

 ΔGDP

6.065

0.410

0.182

3.118

− 4.198

− 1.202

− 14.925

10.686

(4.407)

(3.689)

(6.872)

(11.236)

(6.990)

(5.116)

(17.927)

(16.897)

 ΔGDP²

− 0.294

− 0.018

− 0.015

− 0.150

0.260

0.071

1.177

− 0.793

(0.209)

(0.178)

(0.427)

(0.661)

(0.480)

(0.356)

(1.414)

(1.340)

 ΔENG

0.685***

0.990

0.669***

5.654

0.587***

1.799

0.415***

0.595

(0.099)

(4.277)

(0.094)

(7.024)

(0.067)

(1.894)

(0.150)

(3.382)

 ΔEDU

− 0.115

− 0.592

− 0.237

0.244

− 0.278**

− 0.559

− 0.450

− 0.666

(0.165)

(1.616)

(0.145)

(0.659)

(0.146)

(0.633)

(0.334)

(2.332)

 ΔENG*EDU

− 0.076

− 1.152

− 0.259

− 0.048

(0.923)

(1.490)

(0.404)

(0.772)

 Constant

0.434***

− 0.188*

− 0.242

− 3.337***

1.229***

0.808***

5.827***

2.767***

(0.122)

(0.103)

(0.249)

(0.713)

(0.266)

(0.197)

(1.286)

(0.482)