Public Debt and External Reserve: The Nigerian Experience (1981–2013)

Table 5

FMOLS result.

Variable	Coefficient	Std. error	-statistic	Prob.
LM2	0.001597	0.000364	4.384688	0.0001
LNEXCR	10.95699	24.95413	0.439085	0.6640
LPDEBT	1.804218	0.430598	4.190032	0.0003
	1544.229	1623.164	0.951370	0.3496
-squared	0.746468	Mean dependent var		15262.94
Adjusted -squared	0.719304	SD dependent var		17239.94
SE of regression	9133.848	Sum squared resid
Long run variance	23394611

Source: author’s computation from E-views (2016).
Dependent variable: Lextrv; method: Fully Modified Least Squares (FMOLS); sample (adjusted): 1982–2013; included observations: 32 after adjustments; cointegrating equation determinants: ; long run covariance estimate (Bartlett kernel; Andrews bandwidth = 15.4589).