Results of the ARDL model estimation
| Variable | Short run coefficients | Long run coefficients |
|---|---|---|
| PVTS (−1) | −1.050*** (0.188) | – |
| RGDPG | 0.041 (0.203) | 0.371 (0.264) |
| PUBS | −1.072*** (0.091) | −1.469*** (0.212) |
| RR | −0.750** (0.339) | −0.355* (0.191) |
| CPI | −0.527** (0.213) | −0.906*** (0.281) |
| M2 | 0.011 (0.088) | 0.010 (0.084) |
| CA | −3.476*** (1.023) | −1.478 (1.002) |
| UNEMPL | −1.583*** (0.440) | −1.509*** (0.316) |
| ECT | −1.049*** | |
| F-Bounds test | 6.141*** | |
| Variable | Short run coefficients | Long run coefficients |
|---|---|---|
| PVTS (−1) | −1.050*** (0.188) | – |
| RGDPG | 0.041 (0.203) | 0.371 (0.264) |
| PUBS | −1.072*** (0.091) | −1.469*** (0.212) |
| RR | −0.750** (0.339) | −0.355* (0.191) |
| CPI | −0.527** (0.213) | −0.906*** (0.281) |
| M2 | 0.011 (0.088) | 0.010 (0.084) |
| CA | −3.476*** (1.023) | −1.478 (1.002) |
| UNEMPL | −1.583*** (0.440) | −1.509*** (0.316) |
| ECT | −1.049*** | |
| 6.141*** | ||
Note(s): *, ** and *** refer to being statistically significant at 10%, 5% and 1%, respectively. Numbers in parentheses represent standard errors
Source(s): Author's calculations
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