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

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Table 4 Error correction estimates

From: An empirical retrospect of the impacts of government expenditures on economic growth: new evidence from the Nigerian economy

VariablesCoefficientst-statisticsP-values
C0.40967.13950.0000
\(\Delta\)(RGDP(− 1))0.40713.76580.0011
\(\Delta\)(RECEXP(− 1))0.05033.54360.0018
\(\Delta\)(DEBT)− 0.0105− 0.59480.5580
\(\Delta\)(DEBT(− 1))0.10494.55140.0002
\(\Delta\)(PRIVEXP)0.09693.64530.0014
ECM(− 1)− 0.3382− 6.95680.0000
R20.80  
Adjusted R20.75  
F-statistics15.61  
DW-stat1.90  
P-value0.0000  
  1. The superscripts ***, ** and * represent the rejection at 1%, 5% and 10% levels of significance, respectively. The symbol \(\Delta\) denotes a difference operator. RGDP means, real gross domestic product; RECEXP is total government recurrent expenditures as a percent of GDP; CAPEXP represents, total government capital expenditures as a percent of GDP; DEBT is total public debt as a percent of the GDP; PRIEXP, denotes private consumption expenditure; INVEST, gross domestic investment as measured by annual growth of gross capital formation. ECM means error correction term that depicts the speed of adjustment term to the equilibrium path