Algeria

ARDL (2,0,0,0,0)

Egypt

ARDL (1,0,1,1,0)

South Africa

ARDL (2,0,1,0,0)

Coef.

Std. error

Coef.

Std. error

Coef.

Std. error

Long run coefficients

Lngdpc

0.451***

0.054

0.290***

0.023

0.513***

0.145

Lnpener

0.528***

0.016

0.549***

0.119

0.101*

0.052

Lnurb

0.023

0.047

2.762***

0.665

0.270

0.206

Lntrad

−0.051*

0.026

0.015

0.031

0.214**

0.084

constant

−4.642***

0.399

−12.33***

2.887

−4.013***

0.923

Adj-R²

0.996

0.988

0.739

J-B (Prob)

2.497 (0.286)

1.135 (0.566)

0.969 (0.658)

B-G (Prob)

0.496 (0.563)

0.948 (0.768)

0.020 (0.968)

B-P (Prob)

0.149 (0.216)

0.315 (0.667)

0.500 (0.853)

Short run coefficients

ECT(−1)

−0.834***

0.152

−0.684***

0.118

−0.615***

0.125

Δ(lngdpc)

0.320***

0.107

0.198

0,220

0.475***

0.030

Δ(lnpener)

0.558***

0.050

0.901***

0.147

0.288*

0.157

Δ(lnurb)

0.075

0.0913

0.558

1.512

1.205

1.825

Δ(lntrad)

−0.086**

0.036

−0.002

0.032

0.104

0.083

constant

−0.001

0.013

−0.0133*

0.007

−0.015

0.0154

Adj-R²

0.808

0.654

0.341

J-B (Prob)

0.739 (0.690)

4.27 (0.071)

0.023 (0.988)

B-G (Prob)

0.980 (0.976)

0.958 (0.949)

0.446 (0.381)

B-P (Prob)

0.214 (0.252)

0.975 (0.969)

0.269 (0.432)

CUSUM

Stable

Stable

Unstable

CUSUMSQ

Stable

Stable

Stable