Table 4 ARDL statistical results Model...

Table 4

ARDL statistical results

Model 1: Digital financial inclusion					Model 2: Traditional financial inclusion
Variable	Coefficient	Standard error	t – stat	Prob.	Coefficient	Standard error	t – stat	Prob.
Long run
GDP	0.0556	0.0126	4.41	0.001	0.1252	0.0656	1.91	0.089
Energy intensity	0.0169	0.1014	0.17	0.870	0.2794	0.0489	5.70	0.000
Renewable energy	−0.2769	0.0095	−29.09	0.000	−0.2772	0.0260	−10.63	0.000
FDI	0.0175	0.0084	2.08	0.060	−0.0143	0.0044	−3.19	0.011
Manufacturing	−0.0066	0.0160	−0.41	0.689	−0.0153	0.0112	−1.37	0.205
Trade	−0.0031	0.0017	−1.75	0.106	−0.0042	0.0011	−3.83	0.004
DFI	−1.4766	0.3604	−4.10	0.001	–	–	–	–
TFI	–	–	–	–	0.9162	0.2183	4.20	0.002
Short run
∆GDP	0.0281	0.0077	3.62	0.003	0.0259	0.0101	2.56	0.031
∆GDP (1)	0.0103	0.0050	2.05	0.063	–	–	–	–
∆Energy intensity	0.2119	0.0759	2.79	0.016	0.2267	0.1152	1.97	0.081
∆Energy intensity (1)	0.0979	0.0577	1.70	0.115	0.2324	0.1015	2.29	0.048
∆Renewable energy	0.1957	0.0464	4.22	0.001	0.0344	0.0349	0.99	0.349
∆Renewable energy (1)	0.1115	0.0238	4.67	0.001	0.0360	0.0257	1.40	0.195
∆FDI	–	–	–	–	0.0326	0.0108	3.01	0.015
∆Trade	−0.0022	0.0014	−1.54	0.150	0.0076	0.0023	3.25	0.010
∆Trade (1)	–	–	–	–	0.0035	0.0018	1.95	0.083
∆DFI	1.0860	0.3083	3.52	0.004	–	–	–	–
∆TFI	–	–	–	–	1.6686	0.8583	1.94	0.084
∆TFI (1)	–	–-	–	–	0.6317	0.4953	1.28	0.234
ECM (−1)	−0.7928	0.1717	−4.62	0.001	−0.3561	0.1734	−2.05	0.070
R² = 0.998		Adjusted R2 = 0.996			R² = 0.938		Adjusted R² = 0.814
DW statistic = 2.82		Sum-squared residuals = 0.0073			DW statistic = 2.76		Sum-squared residuals = 0.0106
F-statistic = 463.59		Prob.(F-statistic) = 0.000			F-statistic = 236.20		Prob.(F-statistic) = 0.000
Schwartz Bayesian criterion = −100.6734		Akaike information criterion = −123.9174			Schwartz Bayesian criterion = −83.10827		Akaike information criterion = −109.0869

Model 1: Digital financial inclusion					Model 2: Traditional financial inclusion
Variable	Coefficient	Standard error	t – stat	Prob.	Coefficient	Standard error	t – stat	Prob.
Long run
GDP	0.0556	0.0126	4.41	0.001	0.1252	0.0656	1.91	0.089
Energy intensity	0.0169	0.1014	0.17	0.870	0.2794	0.0489	5.70	0.000
Renewable energy	−0.2769	0.0095	−29.09	0.000	−0.2772	0.0260	−10.63	0.000
FDI	0.0175	0.0084	2.08	0.060	−0.0143	0.0044	−3.19	0.011
Manufacturing	−0.0066	0.0160	−0.41	0.689	−0.0153	0.0112	−1.37	0.205
Trade	−0.0031	0.0017	−1.75	0.106	−0.0042	0.0011	−3.83	0.004
DFI	−1.4766	0.3604	−4.10	0.001	–	–	–	–
TFI	–	–	–	–	0.9162	0.2183	4.20	0.002
Short run
∆GDP	0.0281	0.0077	3.62	0.003	0.0259	0.0101	2.56	0.031
∆GDP (1)	0.0103	0.0050	2.05	0.063	–	–	–	–
∆Energy intensity	0.2119	0.0759	2.79	0.016	0.2267	0.1152	1.97	0.081
∆Energy intensity (1)	0.0979	0.0577	1.70	0.115	0.2324	0.1015	2.29	0.048
∆Renewable energy	0.1957	0.0464	4.22	0.001	0.0344	0.0349	0.99	0.349
∆Renewable energy (1)	0.1115	0.0238	4.67	0.001	0.0360	0.0257	1.40	0.195
∆FDI	–	–	–	–	0.0326	0.0108	3.01	0.015
∆Trade	−0.0022	0.0014	−1.54	0.150	0.0076	0.0023	3.25	0.010
∆Trade (1)	–	–	–	–	0.0035	0.0018	1.95	0.083
∆DFI	1.0860	0.3083	3.52	0.004	–	–	–	–
∆TFI	–	–	–	–	1.6686	0.8583	1.94	0.084
∆TFI (1)	–	–-	–	–	0.6317	0.4953	1.28	0.234
ECM (−1)	−0.7928	0.1717	−4.62	0.001	−0.3561	0.1734	−2.05	0.070
R² = 0.998		Adjusted R2 = 0.996			R² = 0.938		Adjusted R² = 0.814
DW statistic = 2.82		Sum-squared residuals = 0.0073			DW statistic = 2.76		Sum-squared residuals = 0.0106
F-statistic = 463.59		Prob.(F-statistic) = 0.000			F-statistic = 236.20		Prob.(F-statistic) = 0.000
Schwartz Bayesian criterion = −100.6734		Akaike information criterion = −123.9174			Schwartz Bayesian criterion = −83.10827		Akaike information criterion = −109.0869

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