ARDL results
| Variables | Coefficients |
|---|---|
| L1. ECF | −1.3530*** (0.1190) |
| L2. ECF | −0.1860 (0.0993) |
| lnGold | 0.7130*** (0.0375) |
| L1. lnGold | 0.3830** (0.0576) |
| L2. lnGold | 0.2860** (0.0535) |
| lnOil | 0.1080*** (0.0074) |
| L1. lnOil | 0.0651** (0.0080) |
| lnTimber | 1.0980** (0.2460) |
| L1. lnTimber | −0.6900** (0.0860) |
| Urban | 0.5880* (0.1760) |
| L1. Urban | −0.4780 (0.1970) |
| Renew | −0.0138** (0.0024) |
| L1. Renew | −0.0384*** (0.0024) |
| Trade | −0.0050*** (0.0004) |
| L1. Trade | 0.0003 (0.0003) |
| Gross | 0.0275*** (0.0016) |
| L1. Gross | −0.0026 (0.0012) |
| lnIndustry | −0.3520** (0.0400) |
| L1. lnIndustry | 0.0956 (0.0373) |
| Constant | −0.7690 (3.9560) |
| Observations | 22 |
| R-squared | 1.000 |
| Variables | Coefficients |
|---|---|
| L1. ECF | −1.3530*** (0.1190) |
| L2. ECF | −0.1860 (0.0993) |
| lnGold | 0.7130*** (0.0375) |
| L1. lnGold | 0.3830** (0.0576) |
| L2. lnGold | 0.2860** (0.0535) |
| lnOil | 0.1080*** (0.0074) |
| L1. lnOil | 0.0651** (0.0080) |
| lnTimber | 1.0980** (0.2460) |
| L1. lnTimber | −0.6900** (0.0860) |
| Urban | 0.5880* (0.1760) |
| L1. Urban | −0.4780 (0.1970) |
| Renew | −0.0138** (0.0024) |
| L1. Renew | −0.0384*** (0.0024) |
| Trade | −0.0050*** (0.0004) |
| L1. Trade | 0.0003 (0.0003) |
| Gross | 0.0275*** (0.0016) |
| L1. Gross | −0.0026 (0.0012) |
| lnIndustry | −0.3520** (0.0400) |
| L1. lnIndustry | 0.0956 (0.0373) |
| Constant | −0.7690 (3.9560) |
| Observations | 22 |
| 1.000 |
Note(s): The dependent variable is ECF
Standard errors in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1
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