Global Journal of Human Social Science, E: Economics, Volume 21 Issue 4

bureau in an emerging economy within the east African region. c) Data Analysis and Model Specification This model will be expanded into the following model: ……….3.3 Where: Z= Economic growth (E.G) (Measured by real value of GDS) H1= Domestic Debt (D.D) (Measured by total value in Kshs. Of Central Bank Overdraft) H2= Foreign Debt (F.D) (Measured by total value in Kshs. Bilateral Debt) V. R esults A nalysis, D iscussion and I nterpretation a) Descriptive D.D F.D E.G Mean 22.12 23.58 23.29 Median 22.02 23.32 23.65 Maximum 23.35 24.96 24.62 Minimum 21.79 22.78 21.98 Std. Dev. 0.31 0.63 0.85 Skewness 1.68 0.84 -0.23 Kurtosis 5.60 2.56 1.59 Jarque-Bera 180.42 30.23 21.83 Probability 0.000000 0.000000 0.000018 Sum 5309.69 5658.36 5589.45 Sum Sq. Dev. 22.65 96.15 173.78 For the dependent variable E.G, the measures of central tendencies were as follows, the mean was (23.29, the median was established as (23.65) The dispersion statistics were generated as follows: standard deviation was (0.85). The Kurtosis statistic was determined as (1.59) which is below the value (3) which illustrates presence of symmetry. The skewness coefficient was (-0.23) this bespeaks that the variable is moderately skewed. Minimum was noted as (21.98) while maximum connoted as (24.62). For F.D, the mode was equivalently obscure while the mean was derived as (23.58) and median stood at (23.33). The standard deviation was fixed at (0.63). Kurtosis statistic was specified as (2.56) denoting presence of symmetry. Skewness coefficient confirmed the same settling at (0.84). The minimum value was (22.78) and the maximum value was (24.97). CBK_Over drafts the fifth independent variable wonted the mean as (22.12) and median stood at (22.02) the mode was analogously nebulous. The standard deviation was fixed at (0.31). Both Kurtosis statistics that was specified as (5.60) and Skewness coefficient that settled at (1.68) illustrates lack of symmetry. The minimum value was (21.79) and the maximum value was (23.35). b) Unit Root Series Prob. Lag Max Lag Obs F.D 1.00 12 14 227 D.D 1.00 14 14 225 E.G 0.65 13 14 226 Method Statistic Prob.** ADF - Fisher Chi-square 3.10 1.00 ADF - Choi Z-stat 4.29 1.00 Volume XXI Issue IV Version I 45 ( E ) Global Journal of Human Social Science - Year 2021 © 2021 Global Journals Domestic or Foreign Debt ? A Choice of no Wrong Selection Z t, 1 = β 10 + β 11 H t-1 + β 12 H2 t-2 + … + µ X1 t, 1 = β 20 + β 21 Z t-1 + β 22 H2 t-2 + … + µ for All X… Z= β0+β1H1t+β2H2t+ €