Estimated long-run coefficients and adjustment coefficients
| Dependent variable: D(GDP) | |||||
|---|---|---|---|---|---|
| Model 1 | Model 2 | ||||
| ARDL (1, 2, 0, 0, 2, 1, 2) selected based on AIC | ARDL (2, 0, 1, 1, 0, 0) selected based on AIC | ||||
| Variable | Coefficient | Prob.* | Variable | Coefficient | Prob.* |
| LEDG | −0.260025 | 0.0279 | LEDG | −0.048165 | 0.5312 |
| LBDG | 0.166735 | 0.1389 | MEP | 0.270376 | 0.0037 |
| LINF | 0.555470 | 0.0154 | LSER | −0.006611 | 0.9210 |
| LTO | −0.291777 | 0.2836 | LMD | −0.476015 | 0.0001 |
| LSER | 0.287594 | 0.1000 | LP | 1.811941 | 0.0000 |
| LP | −0.994319 | 0.3456 | C | −7.818245 | 0.1065 |
| C | 43.24866 | 0.0285 | |||
| CointEq(−1)* | −0.122943 | 0.0000 | CointEq(−1)* | 0.188660 | 0.0000 |
| Dependent variable: D(GDP) | |||||
|---|---|---|---|---|---|
| Model 1 | Model 2 | ||||
| ARDL (1, 2, 0, 0, 2, 1, 2) selected based on AIC | ARDL (2, 0, 1, 1, 0, 0) selected based on AIC | ||||
| Variable | Coefficient | Prob.* | Variable | Coefficient | Prob.* |
| −0.260025 | 0.0279 | LEDG | −0.048165 | 0.5312 | |
| 0.166735 | 0.1389 | MEP | 0.270376 | 0.0037 | |
| 0.555470 | 0.0154 | LSER | −0.006611 | 0.9210 | |
| −0.291777 | 0.2836 | LMD | −0.476015 | 0.0001 | |
| 0.287594 | 0.1000 | LP | 1.811941 | 0.0000 | |
| −0.994319 | 0.3456 | C | −7.818245 | 0.1065 | |
| 43.24866 | 0.0285 | ||||
| −0.122943 | 0.0000 | CointEq(−1)* | 0.188660 | 0.0000 | |