In this context, the Johansen cointegration test is used among LNGDP, FDI, INVST and OPEN since these variables are integrated of the same order i.e.
Long term relationships test between FDI, GDP, INVST and OPEN was performed on the basis of the following equation.
Table no.1 Results of ADF test Augmented Dickey-Fuller test results Variable ADF without trend ADF with trend Level 1st Difference Level 1st Difference LNGDP 1.235423 -3.885711 (*) -1.705049 -4.010241 (**) FDI -0.922319 -3.652481 (**) -2.250877 -3.557038 (***) INVST -1.348034 -4.534082 (*) -1.530506 -4.484602 (*) INFL -3.544064 (**) -- -3.5618 (***) -- OPEN -1.117684 -4.191753 (*) -1.430085 -4.199811 (**) Note: LNGDP, FDI, INVST, INFL and OPEN represent log of GDP, FDI (% of GDP), investment, inflation rate and trade openness, respectively.
Nevertheless, rather than presenting this article as a stand-alone conceptual treatise, 1 have opted, for better or worse (perhaps for better and worse) to situate the theoretical questions and proposals that follow within the larger INVST CLP evaluation project.
The INVST CLP was established at the University of Colorado Boulder at the start of this period.
Within the context of a long-term evaluation of the INVST CLP's impact, it became clear that despite the influence of a Freirean lexicon of "empowerment," something such as the ideals of democratic solidarity and "growth" (Dewey, 1938) were more flexible in making sense of experience, allowing for the fact that in order to achieve an authentic democratic identity some students need to learn skills associated with receptivity rather than activity and agency.
For the purposes of studying the INVST CLP, Gutmann's framework--non-domination, non-repression, and a democratic threshold--was supplemented with insights from critical multicultural education, which begins with a Freirean-critical interest in structural inequality, and thoroughly explores problems related to educating students about privilege as well as how dialogue and deliberation can be achieved in settings where students interact across social power differentials (Sleeter, 1995).
The main microstructure variables of interest are SESS, INVST, and LIST.
TABLE 4 Information and Spread Models + (1) (2) (3) (4) LINFO INFO LINFO ZEROS ZERO -0.8585 (a) (-6.184) LZERO -0.4715 (a) -0.6065 (a) (-3.365) (-6.043) SESS 0.0792 (a) (3.765) LSESS 0.1167 (a) (3.798) INVST 0.2116 (a) INVST (3.654) LINVST 0.0513 (a) (4.197) LIST -0.0004 (-0.1798) LLIST 0.0318 (0.8149) STDEV -1.7143 (a) (-9.763) LSTDEV -0.1389 (a) (-5.471) SIZE -0.0012 (-1.514) LSIZE -0.0389 (a) (-5.035) VOL -0.0007 (a) (-5.235) LVOL 0.1156 (a) (12.34) SCALE 0.0419 (b) (2.060) LSCALE SUSP -0.4212 (a) (-2.790) LSUSP -0.2120 (b) (-2.065) Constant -0.2348 (a) 0.3523 (a) -0.3538 (a) 0.2522 (a) (-2.756) (8.303) (-3.157) (21.120) Buse-[R.sup.2] 0.4852 0.5596 0.6535 0.4534 F-stat.
While none of these entering dummies is statistically significant, the coefficients for INVST in both regressions remain negatively related to the wealth gain, and are statistically significant at the 0.05 level.
We noted that the sign, the significance and the magnitude of INVST are preserved.