Table 3. Long- and short-run outcomes of...

Table 3.

Long- and short-run outcomes of the ARDL (1, 0, 0, 1, 0, 0, 1, 1, 1) method

Variables	Coefficient	SE	t-statistic	Prob.
Long-run estimate
LnMPT	0.014055	0.010417	1.349255	0.2044
LnINT	0.015802	0.006373	2.479526	0.0306
LnCL	0.033535	0.297204	0.112835	0.9122
LnCF	0.477651	0.183104	2.608627	0.0243
LnFER	0.002296	0.013524	0.169793	0.8683
LnDCR	−0.054632	0.050846	−1.074459	0.3056
TEMP	−0.028226	0.012753	−2.213378	0.0489
LnEMP	0.160440	0.152121	1.054685	0.3142
Constant	2.242237	4.277695	0.524170	0.6106
Trend	0.027665	0.005478	5.050571	0.0004
Short-run estimate
$Δ$ LnFS (−1)	0.219450	0.168924	1.299105	0.2205
$Δ$ LnMPT	0.010971	0.008587	1.277557	0.2277
$Δ$ LnINT	0.012334	0.005166	2.387668	0.0360
$Δ$ LnCL	0.447963	0.134366	3.333913	0.0067
$Δ$ LnCL (−1)	−0.421788	0.224378	−1.879805	0.0869
$Δ$ LnCF	0.372830	0.123885	3.009482	0.0119
$Δ$ LnFER	0.001792	0.010499	0.170719	0.8675
$Δ$ LnDCR	0.038462	0.036358	1.057846	0.3128
$Δ$ LnDCR(−1)	−0.081105	0.032136	−2.523789	0.0283
$Δ$ TEMP	−0.011902	0.006299	−1.889524	0.0855
$Δ$ TEMP (−1)	−0.010130	0.006737	−1.503562	0.1609
$Δ$ LnEMP	0.013425	0.071245	0.188431	0.8540
$Δ$ LnEMP (−1)	0.111806	0.077006	1.451910	0.1744
Constant	1.750178	3.295585	0.531068	0.6059
Trend	0.021594	0.007005	3.082545	0.0104
CointEq (−1)	−0.780550	0.168924	−4.620716	0.0007
R-squared	0.999547
F-statistic	1735.435
Prob (F-statistic)	0.000000

Variables	Coefficient	SE	t-statistic	Prob.
Long-run estimate
LnMPT	0.014055	0.010417	1.349255	0.2044
LnINT	0.015802	0.006373	2.479526	0.0306
LnCL	0.033535	0.297204	0.112835	0.9122
LnCF	0.477651	0.183104	2.608627	0.0243
LnFER	0.002296	0.013524	0.169793	0.8683
LnDCR	−0.054632	0.050846	−1.074459	0.3056
TEMP	−0.028226	0.012753	−2.213378	0.0489
LnEMP	0.160440	0.152121	1.054685	0.3142
Constant	2.242237	4.277695	0.524170	0.6106
Trend	0.027665	0.005478	5.050571	0.0004
Short-run estimate
$Δ$ LnFS (−1)	0.219450	0.168924	1.299105	0.2205
$Δ$ LnMPT	0.010971	0.008587	1.277557	0.2277
$Δ$ LnINT	0.012334	0.005166	2.387668	0.0360
$Δ$ LnCL	0.447963	0.134366	3.333913	0.0067
$Δ$ LnCL (−1)	−0.421788	0.224378	−1.879805	0.0869
$Δ$ LnCF	0.372830	0.123885	3.009482	0.0119
$Δ$ LnFER	0.001792	0.010499	0.170719	0.8675
$Δ$ LnDCR	0.038462	0.036358	1.057846	0.3128
$Δ$ LnDCR(−1)	−0.081105	0.032136	−2.523789	0.0283
$Δ$ TEMP	−0.011902	0.006299	−1.889524	0.0855
$Δ$ TEMP (−1)	−0.010130	0.006737	−1.503562	0.1609
$Δ$ LnEMP	0.013425	0.071245	0.188431	0.8540
$Δ$ LnEMP (−1)	0.111806	0.077006	1.451910	0.1744
Constant	1.750178	3.295585	0.531068	0.6059
Trend	0.021594	0.007005	3.082545	0.0104
CointEq (−1)	−0.780550	0.168924	−4.620716	0.0007
R-squared	0.999547
F-statistic	1735.435
Prob (F-statistic)	0.000000

Source(s): Authors’ own work

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