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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

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Table 3 Pooled Mean Group method results (export is dependent variable)

From: Does infrastructure increase exports and reduce trade deficit? Evidence from selected South Asian countries using a new Global Infrastructure Index

VariablesTransport infrastructureTelecommunication infrastructureEnergy infrastructureFinancial infrastructureAggregate infrastructure
Long-run results
 Exchange rate− 3.0573***− 0.5454***− 0.1234*− 1.4267***− 0.7673**
 Std. error0.69790.02690.09940.36770.3298
 Human capital0.15361.5653***0.1917*0.14180.1670
 Std. error0.3075***0.19940.11750.53830.4494***
 Per capita GDP1.73520.8590***0.5565***1.4300***1.0565
 Std. error0.20930.0130.03860.20130.2349
 Institutional quality1.6017***0.0531***0.1887*0.9098***0.4234***
 Std. error0.59200.02190.11710.15380.0513
 Transport infrastructure1.3117***    
 Std. error0.4232    
 Telecommunication infrastructure 0.4720***   
 Std. error 0.0155   
 Energy infrastructure  0.7733***  
 Std. error  0.2598  
 Financial infrastructure   0.2549*** 
 Std. error   0.0628 
 Aggregate infrastructure    0.3267***
 Std. error    0.0878
Short-run results
 Exchange rate− 0.5190− 0.0306− 0.1256− 0.4713− 0.5334
 Std. error0.46020.14720.25140.24140.4803
 Human capital0.05920.93430.22230.18450.1577
 Std. error0.16730.81290.42390.19460.2007
 Per capita GDP2.1747*0.39170.9911***1.01560.9119***
 Std. error1.28220.35260.15640.12270.3089
 Institutional quality0.14100.10990.08900.08640.3214**
 Std. error0.40210.07700.23670.13730.1544
 Transport infrastructure0.0773    
 Std. error0.1899    
 Telecommunication infrastructure 0.2901   
 Std. error 0.1239   
 Energy infrastructure  0.0853  
 Std. error  0.3017  
 Financial infrastructure   0.0494 
 Std. error   0.0509 
 Aggregate infrastructure    0.0874**
 Std. error    0.0489
 Constant− 0.26991.76030.9300− 0.6134− 0.9540
 Std. error0.67571.61360.55940.78830.1231
 ECT(−1)− 0.2954*− 0.3867**− 0.2478**− 0.1220**− 0.2429***
 Std. error0.14960.21830.14210.06710.0683
 Hausman test (P-values)0.48860.99950.28960.00630.4585
 Pearson CD test (P-values)0.26790.48550.27490.32710.6453
  1. ****, ** and * denote the significance at 1%, 5%, and 10%, respectively. Control variables are the same in each regression. In order to decide between PMG and MG estimator, this study employed Hausman test. Hausman test results confirmed the PMG in all columns. The Pearson CD test presents that there is no problem of cross-sectional dependency