Long-run Coefficient Estimates by ARDL | ||||
Data Used | 2004Q1 to 2022Q3 | 1999Q1 to 2022Q3 | ||
Value | Prob | Value | Prob | |
LnY | 1.0985 (0.0899) | 0.0000 | 1.2108 (0.0404) | 0.0000 |
LnR | −0.0442 (0.2248) | 0.8449 | −0.2523 (0.1494) | 0.0955 |
InF | −0.1364 (0.0381) | 0.0007 | −0.1213 (0.0376) | 0.0019 |
LnEX | −0.0053 (0.3698) | 0.9886 | −0.2837 (0.2516) | 0.2631 |
Optimal lags | 2, 2, 6, 0, 0 | N.A. | 3, 3, 5, 0, 0 | N.A. |
F-test at Optimal lags | 18.0679 | N.A. | 19.8939 | N.A. |
F-statistics 99% Lower Bound | 3.29 | N.A. | 3.29 | N.A. |
F-Statistics 99% Upper Bound | 4.37 | N.A. | 4.37 | N.A. |
Error Correction Term | −0.0850 (0.0078) | 0.0000 | −0.0979 | 0.0000 |