ARDL Bounds Test

Sample: 10 112

Included observations: 100

Null Hypothesis: No long-run relationships exist

Test Statistic

Value

k

F-statistic

5.081240

4

Critical Value Bounds

Significance

I0 Bound

I1 Bound

10%

2.45

3.52

5%

2.86

4.01

2.5%

3.25

4.49

1%

3.74

5.06

Dependent Variable: LCPS

Method: ARDL

Sample (adjusted): 10 112

Included observations: 100 after adjustments

Maximum dependent lags: 4 (Automatic selection)

Model selection method: Akaike info criterion (AIC)

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

Fixed regressors: C

Number of models evalulated: 2500

Selected Model: ARDL (3, 0, 0, 0, 0)

Variable

Coefficient

Std. Error

t-Statistic

Prob.*

LCPS(−1)

0.643464

0.097837

6.576930

0.0000

LCPS(−2)

0.047433

0.116717

0.406393

0.6854

LCPS(−3)

0.089251

0.091219

0.978422

0.3304

LM2

0.157173

0.158909

0.989073

0.3252

EXR

−0.000616

0.000206

−2.989560

0.0036

IFR

0.000534

0.000586

0.910665

0.3649

LCIC

0.103236

0.094456

1.092955

0.2773

C

−0.150412

0.205849

−0.730689

0.4668

R-squared

0.998352

Mean dependent var

7.857243

Adjusted R-squared

0.998227

S.D. dependent var

1.769851

S.E. of regression

0.074527

Akaike info criterion

−2.278681

Sum squared resid

0.510999

Schwarz criterion

−2.070268

Log likelihood

121.9341

Hannan-Quinn criter.

−2.194333

F-statistic

7962.741

Durbin-Watson stat

2.225183

Prob (F-statistic)

0.000000