Table 8 Results ARDL (1997–2023)...

Table 8

Results ARDL (1997–2023)

Dependent variable: ΔWER
Variable	Coefficient	Std.Error	t-statistic	Prob
Short Run
ΔWER(−1)	−0.624976	0.180464	−3.463167	0.0022**
Δ SHWNP	−0.048944	0.024998	−1.957919	0.0630*
ΔGDPGROWTH	0.031953	0.018279	1.748049	0.0944*
Long Run
ΔSHWNP	−0.078313	0.051835	−1.510835	0.1451
ΔGDPGROWTH	0.051126	0.028724	1.779926	0.0889*

Dependent variable: ΔWER
Variable	Coefficient	Std.Error	t-statistic	Prob
Short Run
ΔWER(−1)	−0.624976	0.180464	−3.463167	0.0022**
Δ SHWNP	−0.048944	0.024998	−1.957919	0.0630*
ΔGDPGROWTH	0.031953	0.018279	1.748049	0.0944*
Long Run
ΔSHWNP	−0.078313	0.051835	−1.510835	0.1451
ΔGDPGROWTH	0.051126	0.028724	1.779926	0.0889*

Note(s): (1) coefficients of constant values are not specified; (2) Student's t-statistics in parentheses; (3) coefficients are statistically significant at ***1%, **5%, *10% level of significance

Source(s): Authors’ analysis results

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