Long-run estimates
| ARDL (4, 2, 4, 1, 2, 3, 4) selected based on AIC dependent variable = BD | ||||
|---|---|---|---|---|
| Variable | Coefficient | SE | t-statistic | Probability value |
| BSt | 1.263 | 0.262 | 4.820 | 0.000*** |
| BEFt | –1.360 | 0.331 | –4.103 | 0.000*** |
| BRAt | –0.007 | 0.234 | –0.031 | 0.976 |
| BMt | 0.741 | 0.075 | 9.829 | 0.000*** |
| GDPt | –0.301 | 0.109 | –2.752 | 0.009*** |
| INFt | 0.086 | 0.042 | 2.046 | 0.048** |
| Constant | 2.498 | 5.927 | 0.421 | 0.676 |
| ARDL (4, 2, 4, 1, 2, 3, 4) selected based on AIC dependent variable = BD | ||||
|---|---|---|---|---|
| Variable | Coefficient | SE | Probability value | |
| 1.263 | 0.262 | 4.820 | 0.000 | |
| –1.360 | 0.331 | –4.103 | 0.000 | |
| –0.007 | 0.234 | –0.031 | 0.976 | |
| 0.741 | 0.075 | 9.829 | 0.000 | |
| –0.301 | 0.109 | –2.752 | 0.009 | |
| 0.086 | 0.042 | 2.046 | 0.048 | |
| 2.498 | 5.927 | 0.421 | 0.676 | |
Notes:
*** and ** denote significance at the 1 and 5% levels, respectively
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