| First model (AER, OR, TOT, M2/GDP, DINF/FINF, DUMMY) ARDL (1, 2, 2, 1, 2, 2) | |
| Long-run coefficients | |
| Coefficient | Variables |
| 1.120*** | c |
| −1.157 | ARE t−1 |
| −0.249*** | ORt−1 |
| −0.389*** | TOTt−1 |
| 0.225** | M2/GDPt−1 |
| −0.159 | DINF/FINFt−1 |
| 0.273*** | DUMMYt−1 |
| Short-run Coefficients | |
| −0.72 | D(OR) |
| −0.894*** | D(ORt−1) |
| 0.186 | D(TOT) |
| −0.275*** | D(TOTt−1) |
| 0.099** | D(M2/GDP) |
| 0.106 | D(DINF/FINF) |
| 0.053 | D(DINF/FINFt−1) |
| 0.369*** | D(DUMMY) |
| −0.271 | D(DUMMYt−1) |
| −0.155*** | ECMt−1 |
| Residual diagnostic tests | |
| 1.847 | Durbin-Watson |
| −2.138 | Akaike Information Criteria |
| 0.175, P(0.915) | Juarque-Bera |
| F−statistic 1.329, P (2,16) 0.292 | Breusch-Godfrey |
| F−statistic 0.698, P (15,18) 0.589 | Breusch-Pagan-Godfrey |