Table 6. Results of short-run dynamic... | Emerald Publishing

Table 6.

Results of short-run dynamic model

ARDL (4, 2, 4, 1, 2, 3, 4) selected based on AIC Dependent variable = BD
Variable	Coefficient	SE	t-statistic	Probability value
ΔBD_t-3	–0.139	0.051	–2.707	0.010
ΔBS_t−1	–0.211	0.125	–1.682	0.101
ΔBEF_t−3	0.141	0.086	1.640	0.110
ΔBRA_t	0.470	0.143	3.294	0.002***
ΔBM_t−1	–0.138	0.077	–1.780	0.083*
ΔGDP_t−2	0.035	0.023	1.552	0.129
ΔINF_t−3	0.002	0.017	0.101	0.920
ECM_t−1	–0.479	0.080	–5.993	0.000***
R²		0.910
Adjusted R²		0.872
Durbin–Watson stat		1.738
F-statistic		391.460
Probability (F-statistic)		0.000

ARDL (4, 2, 4, 1, 2, 3, 4) selected based on AIC Dependent variable = BD
Variable	Coefficient	SE	t-statistic	Probability value
ΔBD_t-3	–0.139	0.051	–2.707	0.010
ΔBS_t−1	–0.211	0.125	–1.682	0.101
ΔBEF_t−3	0.141	0.086	1.640	0.110
ΔBRA_t	0.470	0.143	3.294	0.002***
ΔBM_t−1	–0.138	0.077	–1.780	0.083*
ΔGDP_t−2	0.035	0.023	1.552	0.129
ΔINF_t−3	0.002	0.017	0.101	0.920
ECM_t−1	–0.479	0.080	–5.993	0.000***
R²		0.910
Adjusted R²		0.872
Durbin–Watson stat		1.738
F-statistic		391.460
Probability (F-statistic)		0.000

Notes:

*** and * denote significance at the 1 and 10% levels, respectively