Estimated long-term spillover coefficients
| Country-level Analysis (Equation (3)) | |||
| Variable/model | ARDL (4,0) Model | FMOLS | DOLS |
| LHP_US | 1.560 | 1.628 | 1.623 |
| C | −2.465 | −2.911 | −2.884 |
| City-level analysis (Equation (4)) | |||
| Variable/model | ARDL (4,0) Model | FMOLS | DOLS |
| LHP_LON | 0.602 | 0.669 | 0.668 |
| C | 2.330 | 1.812 | 1.830 |
| Variable/model | ARDL (4,0) Model | FMOLS | DOLS |
| LHP_US | 1.560 | 1.628 | 1.623 |
| C | −2.465 | −2.911 | −2.884 |
| Variable/model | ARDL (4,0) Model | FMOLS | DOLS |
| LHP_LON | 0.602 | 0.669 | 0.668 |
| C | 2.330 | 1.812 | 1.830 |
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