ARDL short-run estimation and ECM
| Regressors | Coefficients | t-statistics |
|---|---|---|
| ΔGDP (−1) | 0.658*** | 7.034 |
| ΔLIBF | 0.050 | 0.929 |
| ΔLIBD | 0.019 | 0.655 |
| ΔLGFCF | 0.118** | 2.357 |
| ΔLTFP | 1.788*** | 3.904 |
| ΔLGOVT | −0.011 | −0.725 |
| ΔLINF | −0.137 | −0.858 |
| Intercept | 9.222*** | 9.511 |
| ECM(−1) | −0.841*** | −9.495 |
| Regressors | Coefficients | |
|---|---|---|
| ΔGDP (−1) | 0.658 | 7.034 |
| ΔLIBF | 0.050 | 0.929 |
| ΔLIBD | 0.019 | 0.655 |
| ΔLGFCF | 0.118 | 2.357 |
| ΔLTFP | 1.788 | 3.904 |
| ΔLGOVT | −0.011 | −0.725 |
| ΔLINF | −0.137 | −0.858 |
| Intercept | 9.222 | 9.511 |
| −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