Panel A. ARDL Co integrating And Long Run Form

Dependent Variable: UE

Selected Model: ARDL (1, 2, 0, 0)

Sample: 1982 2020

Included observations: 38

Variables

Coefficient

St. error

t-statistic

FDI

−0.002*

0.0012

−1.788

EXP

−0.040***

0.0093

−4.340

REMT

−0.004***

0.0016

−2.788

Intercept

0.296

0.0338

8.744

Panel B. ARDL specification.

ARDL (1, 2, 0, 0): Cointq = UE − (−0.002 * FDI − 0.040 * EXP − 0.004 * REMT + 0.296).

Panel C. Residual Diagnostics and Misspecification test results for ARDL (1, 2, 0, 0).

${\chi }_{\text{SC}}^2\left(2\right)$ = 0.470 [0.629], ${\chi }_{\text{ARCH}}^2\left(1\right)$ = 0.91 [0.49], $J{B}_N$ = 1.92 [0.38], ${\text{F}}_{\text{statistic}}$ = 24.43 [0.0000] R-squared = 0.83, Adjusted R-squared = 0.79.