ARDL Bounds Test

Sample: 8 112

Included observations: 102

Null Hypothesis: No long-run relationships exist

Test Statistic

Value

k

F-statistic

4.841586

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: LCIC

Method: ARDL

Sample (adjusted): 8 112

Included observations: 102 after adjustments

Maximum dependent lags: 4 (Automatic selection)

Model selection method: Akaike info criterion (AIC)

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

Fixed regressors: C

Number of models evalulated: 2500

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

Variable

Coefficient

Std. Error

t-Statistic

Prob.*

LCIC(−1)

0.747832

0.054474

13.72824

0.0000

LM2

1.517195

0.090371

16.78844

0.0000

LM2(−1)

−1.117179

0.113923

−9.806461

0.0000

EXR

1.15E−06

0.000149

0.007692

0.9939

IFR

−0.000441

0.000412

−1.072427

0.2863

LCPS

0.014290

0.066018

0.216457

0.8291

LCPS(−1)

−0.139491

0.067168

−2.076745

0.0406

C

−0.481515

0.118018

−4.080021

0.0001

R-squared

0.999146

Mean dependent var

6.992431

Adjusted R-squared

0.999082

S.D. dependent var

1.736022

S.E. of regression

0.052592

Akaike info criterion

−2.977324

Sum squared resid

0.259995

Schwarz criterion

−2.771444

Log likelihood

159.8435

Hannan-Quinn criter.

−2.893956

F-statistic

15708.14

Durbin-Watson stat

1.697695

Prob (F-statistic)

0.000000