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