Table 5.

ARDL short-run estimation and ECM

RegressorsCoefficientst-statistics
ΔGDP (−1)0.658***7.034
ΔLIBF0.0500.929
ΔLIBD0.0190.655
ΔLGFCF0.118**2.357
ΔLTFP1.788***3.904
ΔLGOVT−0.011−0.725
ΔLINF−0.137−0.858
Intercept9.222***9.511
ECM(−1)−0.841***−9.495

Notes:

***, ** and * denote significance level at 1, 5 and 10%, respectively. The selection of ARDL (2, 0, 0, 0, 1, 0 and 0) is based on SIC

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