Estimated ARDL long-run coefficients
| VRB | Dependent Vrb: GDP | |||
|---|---|---|---|---|
| Model I:ARDL(3, 3, 3, 3, 3, 2, 3) | Model II_PEE: ARDL(6, 2, 3, 3, 3) | Model III_PER: ARDL(2, 1, 0, 0, 4) | Model IV_PEH: ARDL(2, 1, 0, 0, 3) | |
| F-stat | 12.696 | 9.920 | 10.463 | 9.746 |
| k | 6 | 4 | 4 | 4 |
| I(0) (5%) | 2.27 | 2.56 | 2.56 | 2.56 |
| I(1) (5%) | 3.28 | 3.49 | 3.49 | 3.49 |
| PEE | 0.924*** | 1.051*** | ||
| (0.002) | (0.006) | |||
| PER | 0.403*** | 0.709*** | ||
| (0.002) | (0.006) | |||
| PEH | −0.159 | −0.443** | ||
| (0.119) | (0.045) | |||
| CAP | 0.213* | 1.184*** | 0.460* | 1.023*** |
| (0.063) | (0.002) | (0.079) | (0.000) | |
| LAB | 5.377*** | −1.696 | −0.958 | 1.597 |
| (0.000) | (0.497) | (0.556) | (0.367) | |
| FDI | −0.178*** | −0.200** | −0.447*** | −0.628*** |
| (0.004) | (0.049) | (0.000) | (0.000) | |
| C | −94.337*** | 23.155 | 10.832 | −36.628 |
| (0.000) | (0.567) | (0.686) | (0.224) | |
| Short Run: Error-Correction Representation | ||||
| D(PEE) | −0.059 | 0.300* | ||
| (0.692) | (0.087) | |||
| D(PER) | 0.636*** | 0.098 | ||
| (0.002) | (0.182) | |||
| D(PEH) | −0.158* | −0.013 | ||
| (0.084) | (0.769) | |||
| D(CAP) | −0.492** | −0.199 | 0.143 | 0.279*** |
| (0.033) | (0.486) | (0.151) | (0.004) | |
| D(LAB) | 1.336 | 0.835 | −0.299 | 0.436 |
| (0.282) | (0.609) | (0.518) | (0.435) | |
| D(FDI) | 0.029 | 0.070* | −0.0005 | −0.038 |
| (0.222) | (0.084) | (0.983) | (0.102) | |
| C | −111.942*** | 16.426 | 3.377 | −10.002 |
| (0.006) | (0.497) | (0.665) | (0.315) | |
| VRB | Dependent Vrb: GDP | |||
|---|---|---|---|---|
| Model I:ARDL(3, 3, 3, 3, 3, 2, 3) | Model II_PEE: ARDL(6, 2, 3, 3, 3) | Model III_PER: ARDL(2, 1, 0, 0, 4) | Model IV_PEH: ARDL(2, 1, 0, 0, 3) | |
| F-stat | 12.696 | 9.920 | 10.463 | 9.746 |
| 6 | 4 | 4 | 4 | |
| I(0) (5%) | 2.27 | 2.56 | 2.56 | 2.56 |
| I(1) (5%) | 3.28 | 3.49 | 3.49 | 3.49 |
| PEE | 0.924*** | 1.051*** | ||
| (0.002) | (0.006) | |||
| PER | 0.403*** | 0.709*** | ||
| (0.002) | (0.006) | |||
| PEH | −0.159 | −0.443** | ||
| (0.119) | (0.045) | |||
| CAP | 0.213* | 1.184*** | 0.460* | 1.023*** |
| (0.063) | (0.002) | (0.079) | (0.000) | |
| LAB | 5.377*** | −1.696 | −0.958 | 1.597 |
| (0.000) | (0.497) | (0.556) | (0.367) | |
| FDI | −0.178*** | −0.200** | −0.447*** | −0.628*** |
| (0.004) | (0.049) | (0.000) | (0.000) | |
| C | −94.337*** | 23.155 | 10.832 | −36.628 |
| (0.000) | (0.567) | (0.686) | (0.224) | |
| Short Run: Error-Correction Representation | ||||
| D(PEE) | −0.059 | 0.300* | ||
| (0.692) | (0.087) | |||
| D(PER) | 0.636*** | 0.098 | ||
| (0.002) | (0.182) | |||
| D(PEH) | −0.158* | −0.013 | ||
| (0.084) | (0.769) | |||
| D(CAP) | −0.492** | −0.199 | 0.143 | 0.279*** |
| (0.033) | (0.486) | (0.151) | (0.004) | |
| D(LAB) | 1.336 | 0.835 | −0.299 | 0.436 |
| (0.282) | (0.609) | (0.518) | (0.435) | |
| D(FDI) | 0.029 | 0.070* | −0.0005 | −0.038 |
| (0.222) | (0.084) | (0.983) | (0.102) | |
| C | −111.942*** | 16.426 | 3.377 | −10.002 |
| (0.006) | (0.497) | (0.665) | (0.315) | |
Note(s): * Selected based on Schwarz Bayesian Criterion
***, ** and * indicate the significance level at 1%, 5% and 10%, respectively
Source(s): Computed by authors using Eviews 10
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