Series

Estimation of ARDL Models

Model 1

ARDL (10, 9, 0, 10, 5)

Model 2

ARDL (10, 5, 7, 7)

Model 3

ARDL (10, 5, 7, 5, 10)

lnPROD

−5.9157***

−7.8351***

−7.6499***

INFL

−0.0790***

−0.1935*

−0.0607

RATE

0.0177***

-

-

lnEXCH

0.2945***

-

0.5462***

lnINV

-

0.1531**

-

lnEXP

-

-

−0.6788*

R²

0.9993

0.9986

0.9994

R² Adjusted

0.9984

0.9974

0.9984

F-statistic

1104.699

790.784

1000.312

Prob(F-statistic)

0.0000

0.0000

0.0000

Jarque-Bera

0.8931

0.7538

0.0931

LM test

0.0719

0.3556

0.3695

Heteroskedasticity(BPG)

0.4404

0.6894

0.3862

Short-term Correction Mechanism

CointEq(−1)

−0.2908***

−0.2601***

−0.1638***