Dependent Variable: HDI

Method: ARDL

Dynamic regressors (1 lag, fixed): LOG (SMC) TR LOG (VST) ECM (−1)

Variable

Coefficient

Std. Error

t-statistic

Prob.*

HDI(−1)

0.540149

0.230239

2.346034

0.0331

HDI(−2)

0.387611

0.221138

1.752799

0.1000

LOG(SMC)

3.709381

1.262257

2.938689

0.0102

LOG(SMC(−1))

−2.431677

1.250988

−1.943806

0.0709

TR

0.181285

0.098171

1.846626

0.0846

TR(−1)

−0.117086

0.091607

−1.278139

0.2206

LOG(VST)

−3.726222

1.049285

−3.551202

0.0029

LOG(VST(−1))

2.475818

1.092608

2.265972

0.0387

ECM(−1)

−0.609124

0.329173

−1.850469

0.0840

ECM(−2)

0.100279

0.370942

0.270337

0.7906