Table A1. Nonlinear ARDL error...

Table A1.

Nonlinear ARDL error correction Model 16

Variables	coefficient	t-statistic	p-value
Dependent variable: ΔINF
${I N F}_{t - 1}$	−0.864	−5.760	0.000
${G F D}_{t - 1}^{+}$	5.693	2.920	0.008
${G F D}_{t - 1}^{-}$	0.086	0.070	0.942
${C M R}_{t - 1}^{+}$	−2.379	−5.090	0.000
${C M R}_{t - 1}^{-}$	−0.631	−1.130	0.250
${G D P F C}_{t - 1}^{+}$	−1.941	−4.290	0.000
${G D P F C}_{t - 1}^{-}$	2.309	4.380	0.000
${T O}_{t - 1}^{+}$	−0.471	−1.470	0.156
${T O}_{t - 1}^{-}$	−0.874	−1.930	0.066
${O P I}_{t - 1}^{+}$	0.078	1.340	0.195
${O P I}_{t - 1}^{-}$	0.057	0.850	0.403
${Δ G F D}_{t}^{+}$	1.649	1.210	0.240
${Δ G F D}_{t - 1}^{-}$	−1.776	−1.090	0.287
${Δ C M R}_{t - 1}^{+}$	−2.086	−3.010	0.006
${Δ C M R}_{t - 1}^{-}$	−0.382	−1.200	0.242
${Δ G D P F C}_{t}^{+}$	−0.434	−1.210	0.240
${Δ G D P F C}_{t - 1}^{+}$	−0.711	−2.090	0.048
${Δ G D P F C}_{t}^{-}$	0.101	2.950	0.007
${Δ T O}_{t}^{+}$	−0.813	−1.350	0.192
${Δ T O}_{t - 1}^{+}$	−0.679	−1.140	0.268
${Δ T O}_{t}^{-}$	1.441	1.690	0.105
${Δ O P I}_{t}^{+}$	0.091	1.660	0.111
Constant	2.650	0.910	0.370

Variables	coefficient	t-statistic	p-value
Dependent variable: ΔINF
${I N F}_{t - 1}$	−0.864	−5.760	0.000
${G F D}_{t - 1}^{+}$	5.693	2.920	0.008
${G F D}_{t - 1}^{-}$	0.086	0.070	0.942
${C M R}_{t - 1}^{+}$	−2.379	−5.090	0.000
${C M R}_{t - 1}^{-}$	−0.631	−1.130	0.250
${G D P F C}_{t - 1}^{+}$	−1.941	−4.290	0.000
${G D P F C}_{t - 1}^{-}$	2.309	4.380	0.000
${T O}_{t - 1}^{+}$	−0.471	−1.470	0.156
${T O}_{t - 1}^{-}$	−0.874	−1.930	0.066
${O P I}_{t - 1}^{+}$	0.078	1.340	0.195
${O P I}_{t - 1}^{-}$	0.057	0.850	0.403
${Δ G F D}_{t}^{+}$	1.649	1.210	0.240
${Δ G F D}_{t - 1}^{-}$	−1.776	−1.090	0.287
${Δ C M R}_{t - 1}^{+}$	−2.086	−3.010	0.006
${Δ C M R}_{t - 1}^{-}$	−0.382	−1.200	0.242
${Δ G D P F C}_{t}^{+}$	−0.434	−1.210	0.240
${Δ G D P F C}_{t - 1}^{+}$	−0.711	−2.090	0.048
${Δ G D P F C}_{t}^{-}$	0.101	2.950	0.007
${Δ T O}_{t}^{+}$	−0.813	−1.350	0.192
${Δ T O}_{t - 1}^{+}$	−0.679	−1.140	0.268
${Δ T O}_{t}^{-}$	1.441	1.690	0.105
${Δ O P I}_{t}^{+}$	0.091	1.660	0.111
Constant	2.650	0.910	0.370

Note:

General to specific approach is followed, with an initial set up comprising max p = max q = 2 and most of the insignificant lags are eliminated out to ensure the precision in cumulative dynamic multipliers

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