Results of NARDL long-run estimates
| Variables | Model 1 | Model 2 |
|---|---|---|
| Volex_POS | 0.057*** (0.0080) | – |
| Volex_NEG | 0.125*** (0.0161) | – |
| Volimp_POS | – | 2.153*** (0.4736) |
| Volimp_NEG | – | 1.514*** (0.4538) |
| Voler_POS | 0.221*** (0.0377) | 0.018 (0.0893) |
| Voler_NEG | 0.061*** (0.0186) | 0.050 (0.0309) |
| lnPCI | 5.642*** (0.9597) | 1.616*** (0.3758) |
| lnSTD | 1.079*** (0.1827) | −0.011 (0.1052) |
| lnOILP | – | 0.1339 (0.1324) |
| lnMS | – | 1.922*** (0.2807) |
| lnIR | – | 0.059* (0.0314) |
| COVID-Dummy | – | 0.471** (0.1830) |
| Variables | Model 1 | Model 2 |
|---|---|---|
| 0.057 | – | |
| 0.125 | – | |
| – | 2.153 | |
| – | 1.514 | |
| 0.221 | 0.018 (0.0893) | |
| 0.061 | 0.050 (0.0309) | |
| 5.642 | 1.616 | |
| 1.079 | −0.011 (0.1052) | |
| – | 0.1339 (0.1324) | |
| – | 1.922 | |
| – | 0.059 | |
| – | 0.471 |
Note(s): This table shows the long-run estimates of the determinants of gross international reserves in Maldives where ***, **, * indicate the level of significance at the 1, 5 and 10% levels, respectively. The numbers within parentheses are standard errors
Source(s): Table by authors’
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