Table 5 The results of nonlinear ARDL...

Table 5

The results of nonlinear ARDL

Model 1: (4, 4, 3, 3, 4, 3)			Model 2: (1, 2, 4, 4, 0)			Model 3: (4, 4, 4, 4, 4)
Dep. Variable: GGDP			Dep. Variable: GEXC			Dep. Variable: GINF
Variable	Co-eff	P-value	Variable	Co-eff	P-value	Variable	Co-eff	P-value
Short run estimate
D(GGDP(−1))	2.6736	0.057	D(GFD+)	−0.0898	0.0336	D(GINF(−1))	3.1705	0.0053
D(GGDP(−2))	2.0704	0.0449	D(GFD⁺ (−1))	−0.0668	0.0686	D(GINF(−2))	1.9143	0.0057
D(GGDP(−3))	0.7729	0.0685	D(GFD^-)	0.0521	0.4284	D(GINF(−3))	0.6484	0.0179
D(GFD⁺)	−3.1305	0.1549	D(GFD^-(−1))	−0.0573	0.1762	D(GFD⁺)	1.0194	0.6507
D(GFD⁺ (−1))	−0.5821	0.7169	D(GFD^- (−2))	−0.0005	0.9909	D(GFD(−1))	1.4671	0.7024
D(GFD⁺ (−2))	−3.4544	0.1213	D(GFD^- (−3))	0.0704	0.0671	D(GFD⁺ (−2))	1.4292	0.7414
D(GFD⁺ (−3))	−1.2753	0.1753	D(GINT)	0.0383	0.0128	D(GFD⁺ (−3))	8.5292	0.0533
D(GFD^-)	−0.2844	0.715	D(GINT(−1))	−0.0151	0.2252	D(GFD^-)	4.9724	0.1946
D(GFD^- (−1))	−0.8864	0.5338	D(GINT(−2))	0.0101	0.4031	D(GFD^-(−1))	5.3761	0.1559
D(GFD^- (−2))	−1.5258	0.1024	D(GINT(−3))	−0.0259	0.0232	D(GFD^-(−2))	2.5065	0.4681
D(GINT)	1.1296	0.0346	D(GINV)	0.0171	0.0961	D(GFD^- (−3))	−7.5204	0.0202
D(GINT(−1))	0.6487	0.1002	ECT(−1)	−1.154	0.0002	D(GINT)	−2.1247	0.0745
D(GINT(−2))	0.2405	0.5741				D(GINT(−1))	−2.7873	0.0056
D(GINV)	1.5761	0.033				D(GINT(−2))	−3.9349	0.0151
D(GINV(−1))	−0.3904	0.1774				D(GINT(−3))	−1.0661	0.0381
D(GINV(−2))	0.8153	0.083				D(GINV)	0.8295	0.2376
D(GINV(−3))	−0.1703	0.492				D(GINV(−1))	0.6292	0.3042
D(GPOP)	1.5794	0.0489				D(GINV(−2))	2.0837	0.0197
D(GPOP(−1))	−1.0874	0.1208				D(GINV(−3))	−1.0645	0.0577
D(GPOP(−2))	2.1572	0.4305				ECT(−1)	−5.5186	0.0011
ECT(−1)	−4.3169	0.0166
Long run estimate
GFD⁺	1.137	0.0111	GFD⁺	−0.214	0.0013	GFD⁺	−1.2332	0.0828
GFD^-	0.2935	0.3617	GFD^-	0.0895	0.0672	GFD^-	0.3011	0.5301
GINT	0.0297	0.0947	GINT	0.0635	0	GINT	0.2952	0.1006
GINV	−0.3787	0.0063	GINV	−0.0148	0.0989	GINV	−0.3014	0.0233
GPOP	0.4513	0.0006	C	−1.4086	0.0035	C	2.3824	0.0025
C	−8.7349	0.0015

Model 1: (4, 4, 3, 3, 4, 3)			Model 2: (1, 2, 4, 4, 0)			Model 3: (4, 4, 4, 4, 4)
Dep. Variable: GGDP			Dep. Variable: GEXC			Dep. Variable: GINF
Variable	Co-eff	P-value	Variable	Co-eff	P-value	Variable	Co-eff	P-value
Short run estimate
D(GGDP(−1))	2.6736	0.057	D(GFD+)	−0.0898	0.0336	D(GINF(−1))	3.1705	0.0053
D(GGDP(−2))	2.0704	0.0449	D(GFD⁺ (−1))	−0.0668	0.0686	D(GINF(−2))	1.9143	0.0057
D(GGDP(−3))	0.7729	0.0685	D(GFD^-)	0.0521	0.4284	D(GINF(−3))	0.6484	0.0179
D(GFD⁺)	−3.1305	0.1549	D(GFD^-(−1))	−0.0573	0.1762	D(GFD⁺)	1.0194	0.6507
D(GFD⁺ (−1))	−0.5821	0.7169	D(GFD^- (−2))	−0.0005	0.9909	D(GFD(−1))	1.4671	0.7024
D(GFD⁺ (−2))	−3.4544	0.1213	D(GFD^- (−3))	0.0704	0.0671	D(GFD⁺ (−2))	1.4292	0.7414
D(GFD⁺ (−3))	−1.2753	0.1753	D(GINT)	0.0383	0.0128	D(GFD⁺ (−3))	8.5292	0.0533
D(GFD^-)	−0.2844	0.715	D(GINT(−1))	−0.0151	0.2252	D(GFD^-)	4.9724	0.1946
D(GFD^- (−1))	−0.8864	0.5338	D(GINT(−2))	0.0101	0.4031	D(GFD^-(−1))	5.3761	0.1559
D(GFD^- (−2))	−1.5258	0.1024	D(GINT(−3))	−0.0259	0.0232	D(GFD^-(−2))	2.5065	0.4681
D(GINT)	1.1296	0.0346	D(GINV)	0.0171	0.0961	D(GFD^- (−3))	−7.5204	0.0202
D(GINT(−1))	0.6487	0.1002	ECT(−1)	−1.154	0.0002	D(GINT)	−2.1247	0.0745
D(GINT(−2))	0.2405	0.5741				D(GINT(−1))	−2.7873	0.0056
D(GINV)	1.5761	0.033				D(GINT(−2))	−3.9349	0.0151
D(GINV(−1))	−0.3904	0.1774				D(GINT(−3))	−1.0661	0.0381
D(GINV(−2))	0.8153	0.083				D(GINV)	0.8295	0.2376
D(GINV(−3))	−0.1703	0.492				D(GINV(−1))	0.6292	0.3042
D(GPOP)	1.5794	0.0489				D(GINV(−2))	2.0837	0.0197
D(GPOP(−1))	−1.0874	0.1208				D(GINV(−3))	−1.0645	0.0577
D(GPOP(−2))	2.1572	0.4305				ECT(−1)	−5.5186	0.0011
ECT(−1)	−4.3169	0.0166
Long run estimate
GFD⁺	1.137	0.0111	GFD⁺	−0.214	0.0013	GFD⁺	−1.2332	0.0828
GFD^-	0.2935	0.3617	GFD^-	0.0895	0.0672	GFD^-	0.3011	0.5301
GINT	0.0297	0.0947	GINT	0.0635	0	GINT	0.2952	0.1006
GINV	−0.3787	0.0063	GINV	−0.0148	0.0989	GINV	−0.3014	0.0233
GPOP	0.4513	0.0006	C	−1.4086	0.0035	C	2.3824	0.0025
C	−8.7349	0.0015

Source(s): Authors’ computations

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