| Dependent variable: GDP growth rate | ||||||
| Selected Model ARDL (2, 2, 0, 0, 1, 2, 2) | ||||||
| Variable | Coefficient | Standard error | t-stat | Prob. | ||
| Long run | ||||||
| Real Imports (M) | 0.00266 | 0.00296 | 2.90 | 0.084 | ||
| Exchange Rate (ER) | 0.37611 | 0.10737 | 3.50 | 0.004 | ||
| Relative Prices (PPP) | 30.8487 | 5.85611 | 5.27 | 0.000 | ||
| Gross Capital formation (GCF) | 0.03077 | 0.02108 | 1.46 | 0.167 | ||
| Foreign Direct Investment (FDI) | 0.43538 | 0.08212 | 5.30 | 0.000 | ||
| Financial Development (FD) |
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| Short-run |
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| ∆M | 0.0005 | 0.0003 | −1.48 | 0.101 | ||
| ∆M (1) | 0.0004 | 0.0026 | −1.70 | 0.102 | ||
| ∆GDP | 0.5171 | 0.1695 | 3.05 | 0.099 | ||
| ∆GCF | −0.0219 | 0.0284 | −0.77 | 0.450 | ||
| ∆FDI | −0.5276 | 0.1905 | −2.77 | 0.015 | ||
| ∆FDI (1) | −0.4583 | 0.1868 | −2.45 | 0.028 | ||
| ∆FD | −0.2037 | 0.0818 | −2.49 | 0.026 | ||
| ∆FD (1) | −0.1919 | 0.0782 | −2.45 | 0.028 | ||
| ECM (−1) | −2.2820 | 0.2900 | −7.87 | 0.000 | ||
| R2 = 0.9562 | Adjusted R2 = 0.9092 | |||||
| DW statistic = 1.499 | Sum squared residuals = 0.0773 | |||||
| F-Statistic = 371.1 | Prob.(F-Statistic) = 0.014 | |||||
| Schwartz Bayesian Criterion = 196.2 | Akike Info Criterion = 174.8 | |||||