Results of long-run and short-run coefficients employing the ARDL approach
| Dependent variable is lnWP: ARDL (1, 0, 0, 0) selected based on AIC | ||||
|---|---|---|---|---|
| Variable | Coefficient | SE | T-ratio | p-value |
| Panel A: long-run estimation | ||||
| lnAR | 0.786398*** | 0.247725 | 3.174481 | 0.0028 |
| lnSP | 0.121680*** | 0.015432 | 7.884982 | 0.0000 |
| lnFER | 0.192283*** | 0.045670 | 4.210272 | 0.0001 |
| C | 0.658034 | 1.947773 | 0.337839 | 0.7372 |
| Panel B: short-run estimation | ||||
| ΔlnAR | 0.877174*** | 0.296747 | 2.955963 | 0.0051 |
| ΔlnSP | 0.135726*** | 0.023975 | 5.661246 | 0.0000 |
| ΔlnFER | 0.214479*** | 0.054957 | 3.902636 | 0.0003 |
| ECM (−1) | −1.115432*** | 0.126128 | −8.843661 | 0.0000 |
| Panel C: residual diagnostic tests | ||||
| R2 | 0.985502 | |||
| Adjusted R2 | 0.984088 | |||
| Durbin–Watson stat | 1.863229 | |||
| F-statistic | 12.1708*** | |||
| χ2 SERIAL | 0.2058 (0.8148) | |||
| χ2 NORMAL | 3.1647 (0.2054) | |||
| χ2 ARCH | 0.0502 (0.9511) | |||
| χ2 White | 0.7241 (0.7268) | |||
| χ2 RESET | 0.6688 (0.5074) | |||
| Dependent variable is lnWP: ARDL (1, 0, 0, 0) selected based on AIC | ||||
|---|---|---|---|---|
| Variable | Coefficient | SE | ||
| lnAR | 0.786398*** | 0.247725 | 3.174481 | 0.0028 |
| lnSP | 0.121680*** | 0.015432 | 7.884982 | 0.0000 |
| lnFER | 0.192283*** | 0.045670 | 4.210272 | 0.0001 |
| 0.658034 | 1.947773 | 0.337839 | 0.7372 | |
| ΔlnAR | 0.877174*** | 0.296747 | 2.955963 | 0.0051 |
| ΔlnSP | 0.135726*** | 0.023975 | 5.661246 | 0.0000 |
| ΔlnFER | 0.214479*** | 0.054957 | 3.902636 | 0.0003 |
| ECM (−1) | −1.115432*** | 0.126128 | −8.843661 | 0.0000 |
| 0.985502 | ||||
| Adjusted | 0.984088 | |||
| Durbin–Watson stat | 1.863229 | |||
| 12.1708*** | ||||
| 0.2058 (0.8148) | ||||
| 3.1647 (0.2054) | ||||
| 0.0502 (0.9511) | ||||
| 0.7241 (0.7268) | ||||
| 0.6688 (0.5074) | ||||
Note: ***Significant at 1 percent
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