	CS-ARDL (FE)
	1 Lag			2 Lags
	(a)	(b)	(c)	(a)	(b)	(c)
${\hat{θ}}_{f r e e_{i t}}$	0.018**		0.016*	0.018**		0.016**
${\hat{θ}}_{f r e e_{i t}}$	(0.030)		(0.059)	(0.023)		(0.049)
${\hat{θ}}_{c p_{i t}}$		0.001**	0.001**		0.001**	0.001*
${\hat{θ}}_{c p_{i t}}$		(0.014)	(0.046)		(0.022)	(0.074)
$\hat{λ}$	−0.843***	−0.833***	−0.848***	−0.945***	−0.927***	−0.956***
$\hat{λ}$	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)	(0.000)
Test CD	−0.66	−0.74	−-0.73	−0.75	−0.81	−0.83
N × T	1209	1209	1209	1209	1209	1209