Table 6 ARDL cointegrating and long run form.

From: Is government spending in the education and health sector necessary for human capital development?

IV

DV: HC1

DV: HC2

DV: HC3

DV: HC4

DV: HC5

Model 1

Model 2

Model 3

Model 4

Model 5

β (SD)

t-Statistic

β (SD)

t-Statistic

β (SD)

t-Statistic

β (SD)

t-Statistic

β (SD)

t-Statistic

D(CHE)

2.73* (0.83)

3.26

2.28* (0.61)

3.74

4.82* (1.98)

2.43

0.01* (0.07)

0.09

0.11 (0.41)

0.26

D(DGHE)

2.97* (0.45)

6.48

0.58* (0.14)

3.92

2.49* (0.48)

5.18

0.02 (0.02)

0.83

−0.22** (0.11)

−1.95

D(GEE)

0.44 (0.35)

1.24

0.19** (0.11)

1.79

0.54 (0.35)

1.54

0.20* (0.08)

2.36

−1.11* (0.49)

−2.25

D(SP)

2.41* (0.70)

3.44

0.120 (0.14)

0.85

1.66* (0.62)

2.67

1.41* (0.24)

5.83

−7.44* (1.41)

−5.28

D(POP)

−8.44* (3.55)

−2.37

−0.12 (0.17)

−0.73

0.14 (0.51)

0.27

−0.62** (0.33)

−1.89

7.23* (1.94)

3.72

D(FDI)

1.72* (0.48)

3.55

0.81* (0.19)

4.28

2.90* (0.61)

4.73

0.03 (0.02)

1.10

−0.20 (0.14)

−1.36

ECM

−0.20* (0.04)

−4.80

−0.11* (0.03)

−3.31

−0.15 (0.04)

−3.88

−0.04* (0.01)

−2.45

−0.03* (0.01)

−2.19

Long run coefficients

CHE

13.12* (3.89)

3.37

2.71* (1.01)

2.68

0.72 (5.15)

0.14

4.18* (1.92)

2.17

−5.18* (1.92)

−2.69

DGHE

5.93* (0.95)

6.18

1.47* (0.51)

2.85

4.62* (1.28)

3.61

4.43* (0.46)

9.63

−3.43* (0.46)

−7.45

GEE

2.11 (1.62)

1.29

1.71* (0.88)

1.92

3.51* (1.16)

3.02

2.13* (0.84)

2.53

−1.13* (0.24)

−4.70

SP

11.59* (2.23)

5.192

1.03 (1.18)

0.87

10.77* (2.90)

3.72

7.11* (1.36)

5.24

−7.11* (1.36)

−5.24

POP

−8.29* (2.49)

−3.32

−1.100 (1.38)

−0.79

0.90 (3.36)

0.27

0.04 (1.31)

0.03

6.04* (1.31)

4.61

FDI

−1.36 (0.96)

−1.41

−0.31 (0.52)

0.58

0.35 (1.29)

0.27

0.73 (0.51)

1.44

0.73 (0.51)

1.44

C

7.35 (12.42)

0.591

12.27 (6.69)

1.83

4.66 (16.41)

0.28

41.14 (7.15)

5.75

41.14 (7.15)

5.75

  1. Standard deviation values are given in() while * and ** indicate the level of significance at 5% and 10%.
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