Error correction model representation of the selected ARDL models
| Variables | Model 1 Δ LNOWB | Model 2 Δ LNTOUR |
|---|---|---|
| Δ LNOWB | 17.126 (3.327)* | |
| Δ LNSWB | 0.069 (1.847)*** | 1.689 (1.651) |
| Δ LNHWB | 2.615 (2.272)** | 69.865 (1.831)*** |
| Δ LNTOUR | 0.021 (4.008)* | |
| Δ Dummy | −0.008 (−2.597)** | −0.221 (−1.622) |
| ECT t(−1) | −0.777 (−5.738)* | −0.886 (−4.923)* |
| Variables | Model 1 Δ LNOWB | Model 2 Δ LNTOUR |
|---|---|---|
| Δ LNOWB | 17.126 (3.327) | |
| Δ LNSWB | 0.069 (1.847) | 1.689 (1.651) |
| Δ LNHWB | 2.615 (2.272) | 69.865 (1.831) |
| Δ LNTOUR | 0.021 (4.008) | |
| Δ Dummy | −0.008 (−2.597) | −0.221 (−1.622) |
| ECT | −0.777 (−5.738) | −0.886 (−4.923)* |
Notes:
*, ** and *** refer to level of significance at 1%, 5% and 10%, respectively. () represent t-statistic
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