NARDL estimation output, Long-run and short-run results
| Variable | Coefficient | t-Statistic | p-value |
|---|---|---|---|
| Panel A: NARDL estimation output | |||
| GDP (−1) | −0.4134b | −2.8973 | 0.0177 |
| FI_POS | −3.8029 | −1.6121 | 0.1414 |
| FI_NEG | −5.6639 | −1.3315 | 0.2158 |
| DCP | −0.3912b | −2.4879 | 0.0345 |
| DCP(−1) | 0.7297a | 5.7412 | 0.0003 |
| GCF | −0.1558b | −2.3296 | 0.0448 |
| GCF(−1) | −0.2145b | −2.8993 | 0.0176 |
| INFL | −0.2524a | −4.7742 | 0.001 |
| INFL (−1) | −0.1430b | −2.4322 | 0.0378 |
| TOPN | 7.135 | 2.2336 | 0.0524 |
| Constant | 11.9438b | 2.9225 | 0.017 |
| Adjusted R-squared | 0.8204 | ||
| F-statistic | 4.112 | ||
| Prob (F-statistic) | 0.0022 | ||
| Panel B: Long-run and short-run of NARDL | |||
| Long-run | |||
| FI_POS | −2.6905 | −1.5488 | 0.1558 |
| FI_NEG | −4.0072 | −1.3005 | 0.2257 |
| DCP | 0.2395 | 1.7491 | 0.1142 |
| GCF | −0.2620a | −5.066 | 0.0007 |
| INFL | −0.2797a | −5.0083 | 0.0007 |
| TOPN | 5.0479b | 2.3496 | 0.0433 |
| Constant | 8.4501b | 3.0846 | 0.013 |
| Short-run | |||
| D (DCP) | −0.3911b | −2.4438 | 0.0371 |
| D (GCF) | −0.1558c | −2.1253 | 0.0625 |
| D (INFL) | −0.2523a | −4.9396 | 0.0008 |
| ECM(−1) | −1.4134a | −8.7592 | 0.0000 |
| Model test diagnosis | |||
| Breusch-Godfrey serial correlation LM test | F-stas = 4.5696 | 0.65 | |
| Heteroskedasticity test: Breusch-Pagan-Godfrey | F-stas = 2.4038 | 0.1103 | |
| Ramsey RESET test | F-stas = 1.7649 | 0.2207 | |
| Variable | Coefficient | ||
|---|---|---|---|
| GDP (−1) | −0.4134b | −2.8973 | 0.0177 |
| FI_POS | −3.8029 | −1.6121 | 0.1414 |
| FI_NEG | −5.6639 | −1.3315 | 0.2158 |
| DCP | −0.3912b | −2.4879 | 0.0345 |
| DCP(−1) | 0.7297a | 5.7412 | 0.0003 |
| GCF | −0.1558b | −2.3296 | 0.0448 |
| GCF(−1) | −0.2145b | −2.8993 | 0.0176 |
| INFL | −0.2524a | −4.7742 | 0.001 |
| INFL (−1) | −0.1430b | −2.4322 | 0.0378 |
| TOPN | 7.135 | 2.2336 | 0.0524 |
| Constant | 11.9438b | 2.9225 | 0.017 |
| Adjusted | 0.8204 | ||
| 4.112 | |||
| Prob ( | 0.0022 | ||
| Long-run | |||
| FI_POS | −2.6905 | −1.5488 | 0.1558 |
| FI_NEG | −4.0072 | −1.3005 | 0.2257 |
| DCP | 0.2395 | 1.7491 | 0.1142 |
| GCF | −0.2620a | −5.066 | 0.0007 |
| INFL | −0.2797a | −5.0083 | 0.0007 |
| TOPN | 5.0479b | 2.3496 | 0.0433 |
| Constant | 8.4501b | 3.0846 | 0.013 |
| Short-run | |||
| D (DCP) | −0.3911b | −2.4438 | 0.0371 |
| D (GCF) | −0.1558c | −2.1253 | 0.0625 |
| D (INFL) | −0.2523a | −4.9396 | 0.0008 |
| ECM(−1) | −1.4134a | −8.7592 | 0.0000 |
| Model test diagnosis | |||
| Breusch-Godfrey serial correlation LM test | 0.65 | ||
| Heteroskedasticity test: Breusch-Pagan-Godfrey | 0.1103 | ||
| Ramsey RESET test | 0.2207 | ||
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