Low income
Middle income
Long run model
lnFDI
-0.682* (0.380)
-0.189*** (0.048)
lnH
0.851*** (0.063)
0.013 (0.079)
lnIF
0.046 (0.064)
0.802*** (0.152)
lnK
0.227*** (0.024)
0.762*** (0.039)
lnL
0.185 (0.178)
0.018 (0.210)
Short run model
ΔlnFDI
-0.002 (0.005)
-0.043 (0.038)
ΔlnH
-0.401* (0.216)
0.212 (0.242)
ΔlnIF
-0.214 (0.212)
-1.668* (1.006)
ΔlnK
0.133*** (0.036)
0.229*** (0.055)
ΔlnL
3.818* (2.137)
-1.891 (2.646)
ECT
t-1
-0.423*** (0.087)
-0.277*** (0.049)
C
6.171*** (1.243)
-1.120*** (0.185)
Log Likelihood
465.5
419.8
Hausman test p-value
0.36
0.82
Note: ***, ** and * indicates significant at 1%, 5% and 10%, respectively. Between () are the standard errors. The ARDL model (1, 1, 1, 1, 1 and 1) used uniform lags.
Table 4:
Pooled mean group results