Table 5 ARDL short and long run... | Emerald Publishing

Table 5

ARDL short and long run estimations

Variable	Coefficient	p-value
Long-run
External debt	−0.6276665	0.1871
External debt services	−0.2420249	0.1102
Corruption perception index	−0.1348824	0.2688
Consumer price index	−0.2052705	0.0000^***
Gross fixed capital formation	0.1263841	0.0001^***
Short-run
ΔExternal debt	0.271907	0.0000^***
ΔExternal debt services	−0.609451	0.2065
ΔCorruption perception index	−0.282718	0.0000^***
ΔConsumer price index	−0.1295078	0.0000^***
ΔGross fixed capital formation	0.304888	0.0000^***
C	−0.2316397	0.0030^***

Variable	Coefficient	p-value
Long-run
External debt	−0.6276665	0.1871
External debt services	−0.2420249	0.1102
Corruption perception index	−0.1348824	0.2688
Consumer price index	−0.2052705	0.0000^***
Gross fixed capital formation	0.1263841	0.0001^***
Short-run
ΔExternal debt	0.271907	0.0000^***
ΔExternal debt services	−0.609451	0.2065
ΔCorruption perception index	−0.282718	0.0000^***
ΔConsumer price index	−0.1295078	0.0000^***
ΔGross fixed capital formation	0.304888	0.0000^***
C	−0.2316397	0.0030^***

Note(s): p-values in brackets. [***]/(**)/* indicates significance at 1, 5 and 10% respectively