Table 2 Long-run coefficients

Gross investment

0.513 (0.314)

0.152 (0.087)^c

0.221 (0.115)

0.608 (0.362)^c

0.175 (0.085)^b

0.220 (0.103)^b

0.149 (0.413)

0.399 (0.155)^b

0.378 (0.125)^a

Property tax

− 0.098 (0.415)

0.216 (0.130)^c

0.257 (0.157)

Commodity and service tax

5.076 (7.026)

− 2.378 (0.969)^b

− 2.089 (1.136)^c

Income tax

0.068 (0.119)

0.125 (0.087)

0.130 (0.019)^a

Total tax

0.059 (0.131)

− 0.041 (0.024)^c

− 0.061 (0.031)^c

0.175 (0.213)

− 0.042 (0.024)^c

− 0.057 (0.032)^c

− 0.085 (0.183)

− 0.013 (0.033)

− 0.004 (0.019)

Hausman test

1.11 (0.775)

1.20 (0.752)

− 0.97 (0.710)