S/N

Dependent Variable

Model Selection

F-Statistic

Cointegration

Decision

1

LM2

ARDL (1, 0, 0, 1, 2)

6.7031*

Yes

Estimate ECM (long-run model)

2

EXR

ARDL (2, 0, 0, 0, 0)

0.9120

No

Estimate ARDL (short-run model)

3

IFR

ARDL (4, 0, 0, 0, 0)

0.8086

No

Estimate ARDL (short-run model)

4

LCPS

ARDL (3, 0, 0, 0, 0)

5.0812*

Yes

Estimate ECM (long-run model)

5

LCIC

ARDL (1, 1, 0, 0, 1)

4.8416*

Yes

Estimate ECM (long-run model)