Dependent variable: Import demand

Selected Model ARDL (1,2,0,2,0)

Variable

Coefficient

Standard error

t-stat

Prob.

Long run

Exchange Rate (ER)

0.00216

0.0071

0.23

0.018

Foreign Reserves (FR)

−0.26673

0.3675

−0.73

0.476

Relative Prices (PPP)

−0.00067

0.0004

−1.37

0.107

GDP growth rate

0.00018

0.0001

1.47

0.057

Short-run

∆ER

0.0061

0.0001

1.28

0.055

∆ ER (1)

0.0004

0.0025

2.04

0.216

∆PPP

−0.0009

0.0012

1.88

0.075

∆PPP (1)

0.0022

0.0001

−0.77

0.450

ECM (−1)

−0.9093

0.1983

−4.58

0.000

R² = 0.997

Adjusted R² = 0.993

DW statistic = 1.87

Sum squared residuals = 0.0032

F-Statistic = 236.20

Prob.(F-Statistic) = 0.000

Schwartz Bayesian Criterion = 146.2

Akike Info Criterion = 144.8