Model selection method: Akaike info criterion (AIC)

Dynamic regressors (4 lags, automatic): LM2 IFR LCPS LCIC

Fixed regressors: C

Number of models evalulated: 2500

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

Variable

Coefficient

Std. Error

t-Statistic

Prob.*

EXR(−1)

1.220624

0.098674

12.37024

0.0000

EXR(−2)

−0.263069

0.101764

−2.585102

0.0112

LM2

14.65564

17.65140

0.830282

0.4084

IFR

−0.002648

0.084270

−0.031419

0.9750

LCPS

−4.376877

8.822736

−0.496091

0.6210

LCIC

−7.374413

10.94607

−0.673704

0.5021

C

−24.29200

22.45592

−1.081764

0.2821

R-squared

0.983669

Mean dependent var

126.6453

Adjusted R-squared

0.982649

S.D. dependent var

80.91200

S.E. of regression

10.65809

Akaike info criterion

7.636057

Sum squared resid

10905.10

Schwarz criterion

7.815116

Log likelihood

−386.2569

Hannan-Quinn criter.

7.708582

F-statistic

963.7522

Durbin-Watson stat

1.977128

Prob (F-statistic)

0.000000