Table 6 NARDL long-run coefficients... | Emerald Publishing

Table 6

NARDL long-run coefficients

	Indonesia	Malaysia	Philippines	Singapore
${F D I}^{+}$	0.003 (0.490)	−0.010*** (0.00)	−0.003 (0.716)	−0.006 (0.164)
${F D I}^{-}$	−0.017*** (0.006)	0.004 (0.196)	0.050 (0.131)	−0.013** (0.031)
$χ^{2}$	13.38*** (0.000)	3.005* (0.083)	3.265* (0.071)	4.605** (0.032)
$K^{+}$	0.159* (0.091)	−0.111** (0.024)	−0.153* (0.084)	−1.046*** (0.001)
$K^{-}$	−0.419* (0.054)	0.175*** (0.00)	0.238*** (0.00)	−0.215 (0.185)
$χ^{2}$	5.421** (0.019)	6.786*** (0.009)	19.586*** (0.00)	12.709*** (0.00)
$T^{+}$	−0.473** (0.016)	0.571*** (0.00)	0.110 (0.214)	0.906*** (0.00)
$T^{-}$	−0.065 (0.466)	−0.668*** (0.00)	−0.525*** (0.003)	−0.313* (0.086)
$χ^{2}$	5.822**(0.016)	61.205*** (0.000)	15.994*** (0.00)	49.092*** (0.00)
${P O P}^{+}$	5.46** (0.015)	−0.035 (0.207)	−4.411** (0.046)	−0.013 (0.359)
${P O P}^{-}$	−0.366*** (0.00)	−0.095** (0.019)	−0.731** (0.035)	−0.010 (0.590)
$χ^{2}$	8.213*** (0.004)	8.13*** (0.003)	5.041** (0.025)	0.454 (0.500)

	Indonesia	Malaysia	Philippines	Singapore
${F D I}^{+}$	0.003 (0.490)	−0.010*** (0.00)	−0.003 (0.716)	−0.006 (0.164)
${F D I}^{-}$	−0.017*** (0.006)	0.004 (0.196)	0.050 (0.131)	−0.013** (0.031)
$χ^{2}$	13.38*** (0.000)	3.005* (0.083)	3.265* (0.071)	4.605** (0.032)
$K^{+}$	0.159* (0.091)	−0.111** (0.024)	−0.153* (0.084)	−1.046*** (0.001)
$K^{-}$	−0.419* (0.054)	0.175*** (0.00)	0.238*** (0.00)	−0.215 (0.185)
$χ^{2}$	5.421** (0.019)	6.786*** (0.009)	19.586*** (0.00)	12.709*** (0.00)
$T^{+}$	−0.473** (0.016)	0.571*** (0.00)	0.110 (0.214)	0.906*** (0.00)
$T^{-}$	−0.065 (0.466)	−0.668*** (0.00)	−0.525*** (0.003)	−0.313* (0.086)
$χ^{2}$	5.822**(0.016)	61.205*** (0.000)	15.994*** (0.00)	49.092*** (0.00)
${P O P}^{+}$	5.46** (0.015)	−0.035 (0.207)	−4.411** (0.046)	−0.013 (0.359)
${P O P}^{-}$	−0.366*** (0.00)	−0.095** (0.019)	−0.731** (0.035)	−0.010 (0.590)
$χ^{2}$	8.213*** (0.004)	8.13*** (0.003)	5.041** (0.025)	0.454 (0.500)

	Thailand	S. Korea	Japan
${F D I}^{+}$	0.063*** (0.00)	0.034 (0.714)	0.060 (0.118)
${F D I}^{-}$	0.043*** (0.001)	0.354* (0.085)	0.018 (0.789)
$χ^{2}$	39.727*** (0.00)	2.101 (0.147)	0.587 (0.443)
$K^{+}$	−0.158** (0.013)	−0.740 (0.297)	0.123 (0.643)
$K^{-}$	−0.411*** (0.00)	0.063 (0.893)	−0.423* (0.091)
$χ^{2}$	60.367*** (0.00)	0.778 (0.378)	1.291 (0.256)
$T^{+}$	−0.266** (0.013)	1.127** (0.038)	0.090 (0.397)
$T^{-}$	0.438*** (0.001)	−1.319** (0.012)	0.024 (0.703)
$χ^{2}$	27.205***(0.00)	3.008* (0.083)	0.034 (0.853)
${P O P}^{+}$	−1.483*** (0.00)	−0.209 (0.221)	−1.124** (0.014)
${P O P}^{-}$	−0.404*** (0.00)	0.278 (0.254)	0.003 (0.598)
$χ^{2}$	9.979*** (0.002)	2.221 (0.136)	2.755* (0.097)

	Thailand	S. Korea	Japan
${F D I}^{+}$	0.063*** (0.00)	0.034 (0.714)	0.060 (0.118)
${F D I}^{-}$	0.043*** (0.001)	0.354* (0.085)	0.018 (0.789)
$χ^{2}$	39.727*** (0.00)	2.101 (0.147)	0.587 (0.443)
$K^{+}$	−0.158** (0.013)	−0.740 (0.297)	0.123 (0.643)
$K^{-}$	−0.411*** (0.00)	0.063 (0.893)	−0.423* (0.091)
$χ^{2}$	60.367*** (0.00)	0.778 (0.378)	1.291 (0.256)
$T^{+}$	−0.266** (0.013)	1.127** (0.038)	0.090 (0.397)
$T^{-}$	0.438*** (0.001)	−1.319** (0.012)	0.024 (0.703)
$χ^{2}$	27.205***(0.00)	3.008* (0.083)	0.034 (0.853)
${P O P}^{+}$	−1.483*** (0.00)	−0.209 (0.221)	−1.124** (0.014)
${P O P}^{-}$	−0.404*** (0.00)	0.278 (0.254)	0.003 (0.598)
$χ^{2}$	9.979*** (0.002)	2.221 (0.136)	2.755* (0.097)

Note(s): $χ^{2}$ is the long-run Wald test statistic. Numbers in parentheses represent p-value. ***, **, and * denote significance at 1%, 5% and 10% levels, respectively

Source(s): The authors