The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis
Table 5
Panel DOLS and panel FMOLS results for the developing countries.
Country
Panel DOLS estimation
FMOLS estimation
Variable
Coefficient
-stat.
Variable
Coefficient
-stat.
Brazil
LCAP
0.315483
1.399346*
LCAP
0.31
1.71**
LED
0.689395
2.655973***
LED
0.48
2.72***
LLIF
−1.931459
−0.945024
LLIF
2.55
2.72***
Chile
LCAP
0.572649
8.572678***
LCAP
0.36
6.67***
LED
0.432650
10.823791***
LED
0.51
9.54***
LLIF
−3.169962
−3.848773***
LLIF
1.10
1.86**
Egypt
LCAP
0.199314
5.932171***
LCAP
0.20
6.21***
LED
0.721406
9.413328***
LED
0.63
9.92***
LLIF
0.453760
0.792565
LLIF
1.20
2.70***
Ireland
LCAP
0.175749
3.418237***
LCAP
0.23
4.22***
LED
0.533804
9.477303***
LED
0.49
6.14***
LLIF
10.764085
5.551465***
LLIF
10.13
4.99***
Israel
LCAP
0.213562
2.852816***
LCAP
0.26
3 12***
LED
0.610687
6.839090***
LED
0.62
6.53***
LLIF
5.865363
4.164845***
LLIF
4.63
3.14***
Malaysia
LCAP
0.290281
6.866725***
LCAP
0.21
3.43***
LED
0.373041
4.562773***
LED
0.48
4.16***
LLIF
14.451669
4.129166***
LLIF
8.92
3.68***
Mexico
LCAP
0.683498
14.058544***
LCAP
0.70
11.37***
LED
0.107866
2.604453***
LED
0.08
1.60*
LLIF
3.979381
5.243156***
LLIF
2.49
4.43***
Pakistan
LCAP
0.889916
12.539836***
LCAP
0.73
6.51***
LED
−0.335293
−3.170375***
LED
−0.09
−0.63
LLIF
7.545253
7.359024***
LLIF
5.07
3.51***
Singapore
LCAP
0.631917
4.311902***
LCAP
0.44
3.68***
LED
−0.075487
−0.411517
LED
0.22
1.36*
LLIF
13.593637
7.763665***
LLIF
10.45
5.23***
Turkey
LCAP
0.759918
13.484764***
LCAP
0.49
4.70***
LED
0.257512
6.470655***
LED
0.31
3.61***
LLIF
−2.497145
−7.432869***
LLIF
0.81
1.03
Uruguay
LCAP
0.237569
4.274276***
LCAP
0.20
2.91***
LED
0.699965
9.601156***
LED
0.75
7.94***
LLIF
3.367471
3.942977***
LLIF
3.06
2.90***
Panel group DOLS results
Panel group FMOLS results
LCAP
0.451805
23.430837***
LCAP
0.38
16 44***
LED
0.365050
17.748957***
LED
0.41
15.95***
LLIF
4.765641
8.056443***
LLIF
4.58
11.02***
The null hypotheses of all unit root tests state that the series include unit root while the alternative hypotheses state the absence of unit root. , and indicate stationarity at 1%, 5%, and 10% significance levels, respectively.
