Included observations: 99 after adjustments

Maximum dependent lags: 4 (Automatic selection)

Model selection method: Akaike info criterion (AIC)

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

Fixed regressors: C

Number of models evalulated: 2500

Selected Model: ARDL (4, 0, 0, 0, 0)

Variable

Coefficient

Std. Error

t-Statistic

Prob.*

IFR(−1)

1.417559

0.102720

13.80028

0.0000

IFR(−2)

−0.188279

0.169971

−1.107712

0.2709

IFR(−3)

−0.515586

0.169031

−3.050238

0.0030

IFR(−4)

0.221568

0.101433

2.184387

0.0315

LM2

−0.550366

5.975196

−0.092108

0.9268

EXR

0.002088

0.009850

0.211978

0.8326

LCPS

0.626236

2.952164

0.212128

0.8325

LCIC

−0.562863

3.688142

−0.152614

0.8790

C

4.293728

7.388747

0.581117

0.5626

R-squared

0.965487

Mean dependent var

19.59987

Adjusted R-squared

0.962419

S.D. dependent var

17.98814

S.E. of regression

3.487157

Akaike info criterion

5.422559

Sum squared resid

1094.424

Schwarz criterion

5.658479

Log likelihood

−259.4167

Hannan-Quinn criter.

5.518012

F-statistic

314.7109

Durbin-Watson stat

2.045246

Prob (F-statistic)

0.000000