Table 2 Relationship between selected openness measures and labor productivity (long-run coefficient (β) and adjustment coefficients (α₁, α₂))

Liabilities, total

0.165***

(16.09)

Liabilities, FDI

0.131***

(10.07)

Liabilities, equity

0.134***

(10.01)

Liabilities, debt

0.198***

(14.32)

Trade openness

0.277

(1.09)

Real openness

−1.771*

(1.84)

Export rate (without gold and transit trade)

0.411***

(5.46)

Import rate (without gold and transit trade)

0.245***

(22.07)

Real effective exchange rates

3.178***

(4.01)

Adjustment coefficient 1

− 0.26***

(2.89)

− 0.11*

(1.69)

− 0.17**

(2.11)

− 0.21**

(2.58)

− 0.06

(1.72)

− 0.05**

(2.37)

− 0.01

(0.138)

0.05

(0.23)

− 0.01

(0.90)

Adjustment coefficient 2

1.10

(1.39)

1.90**

(2.61)

1.28

(1.17)

1.26*

(1.70)

− 0.02

(0.16)

− 0.12*

(1.98)

0.47*

(1.83)

2.21**

(2.34)

0.14***

(3.33)

Adj. R² Eq. 1

0.128

0.107

0.116

0.094

0.005

0.079

− 0.059

− 0.055

− 0.044

Adj. R² Eq. 2

0.009

0.111

− 0.021

0.049

0.026

0.123

0.072

0.138

0.206

No. of observations

40

40

40

40

40

40

30

30

40