Table 4 Estimated long run coefficients...

Table 4

Estimated long run coefficients

ARDL (1, 2, 2, 0, 2, 0) dependent variable: LITX
Independent variables	Coefficients	S.E.	p-values
LEXD	13.6586*	3.6142	0.0010
LEXR	−5.4404*	1.4242	0.0010
LHC	4.4010*	1.4393	0.0060
LINV	4.4773	2.0850	0.4436
LOPI	2.2027**	0.9290	0.0274
Constant	−142.34*	13.8166	0.0105

ARDL (1, 2, 2, 0, 2, 0) dependent variable: LITX
Independent variables	Coefficients	S.E.	p-values
LEXD	13.6586*	3.6142	0.0010
LEXR	−5.4404*	1.4242	0.0010
LHC	4.4010*	1.4393	0.0060
LINV	4.4773	2.0850	0.4436
LOPI	2.2027**	0.9290	0.0274
Constant	−142.34*	13.8166	0.0105

Note(s): *, ** and *** indicate 1, 5 and 10 percent levels of significance respectively; and parentheses show t-values

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