Fig 1.
Source: Authors’ illustration.
Table 1.
Sources for data collection.
Table 2.
Descriptive statistics of variables.
Table 3.
Correlation matrix.
Table 4.
Stationary test.
Table 5.
Results of cointegration test.
Table 6.
Results of autocorrelation test.
Table 7.
Results of heteroskedasticity.
Table 8.
Results of two-step system GMM estimator.