Table A2. Nonlinear ARDL error...

Table A2.

Nonlinear ARDL error correction Model 17

Variables	coefficient	t-statistic	p-value
Dependent variable: ΔINF
${I N F}_{t - 1}$	−0.734	−5.550	0.000
${G F D D}_{t - 1}^{+}$	0.761	3.010	0.006
${G F D D}_{t - 1}^{-}$	−0.363	−1.380	0.181
${C M R}_{t - 1}^{+}$	−2.530	−4.800	0.000
${C M R}_{t - 1}^{-}$	−0.745	−0.540	0.760
${G D P F C}_{t - 1}^{+}$	−1.887	−4.360	0.000
${G D P F C}_{t - 1}^{-}$	1.976	4.180	0.000
${T O}_{t - 1}^{+}$	−0.412	−1.560	0.133
${T O}_{t - 1}^{-}$	0.744	1.720	0.100
${O P I}_{t - 1}^{+}$	0.017	0.280	0.785
${O P I}_{t - 1}^{-}$	−0.000	0.000	0.998
${Δ G F D D}_{t}^{+}$	0.214	1.070	0.295
${Δ G F D D}_{t}^{-}$	−0.464	−1.730	0.097
${Δ C M R}_{t - 1}^{+}$	−2.117	−3.110	0.005
${Δ G D P F C}_{t}^{+}$	−0.235	−0.630	0.534
${Δ G D P F C}_{t - 1}^{+}$	0.756	0.200	0.740
${Δ G D P F C}_{t}^{-}$	0.496	3.960	0.001
${Δ T O}_{t}^{+}$	−1.423	−1.160	0.042
${Δ T O}_{t - 1}^{+}$	−0.731	−1.163	0.116
${Δ T O}_{t}^{-}$	1.205	1.940	0.065
${Δ O P I}_{t}^{+}$	0.057	1.070	0.298
${Δ O P I}_{t - 1}^{-}$	0.034	0.670	0.512
Constant	3.759	1.290	0.209

Variables	coefficient	t-statistic	p-value
Dependent variable: ΔINF
${I N F}_{t - 1}$	−0.734	−5.550	0.000
${G F D D}_{t - 1}^{+}$	0.761	3.010	0.006
${G F D D}_{t - 1}^{-}$	−0.363	−1.380	0.181
${C M R}_{t - 1}^{+}$	−2.530	−4.800	0.000
${C M R}_{t - 1}^{-}$	−0.745	−0.540	0.760
${G D P F C}_{t - 1}^{+}$	−1.887	−4.360	0.000
${G D P F C}_{t - 1}^{-}$	1.976	4.180	0.000
${T O}_{t - 1}^{+}$	−0.412	−1.560	0.133
${T O}_{t - 1}^{-}$	0.744	1.720	0.100
${O P I}_{t - 1}^{+}$	0.017	0.280	0.785
${O P I}_{t - 1}^{-}$	−0.000	0.000	0.998
${Δ G F D D}_{t}^{+}$	0.214	1.070	0.295
${Δ G F D D}_{t}^{-}$	−0.464	−1.730	0.097
${Δ C M R}_{t - 1}^{+}$	−2.117	−3.110	0.005
${Δ G D P F C}_{t}^{+}$	−0.235	−0.630	0.534
${Δ G D P F C}_{t - 1}^{+}$	0.756	0.200	0.740
${Δ G D P F C}_{t}^{-}$	0.496	3.960	0.001
${Δ T O}_{t}^{+}$	−1.423	−1.160	0.042
${Δ T O}_{t - 1}^{+}$	−0.731	−1.163	0.116
${Δ T O}_{t}^{-}$	1.205	1.940	0.065
${Δ O P I}_{t}^{+}$	0.057	1.070	0.298
${Δ O P I}_{t - 1}^{-}$	0.034	0.670	0.512
Constant	3.759	1.290	0.209

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

[ViewLarge]