Panel A: ARDL Error Correction Regression

Variable

Coefficient

Std. Error

t-Statistic

Prob.*

LNGDP (−1)

0.896

0.033

27.113

0.000

LNOP

0.015

0.008

1.833

0.076

LNOPV

0.008

0.006

1.401

0.071

LNFDI

0.013

0.008

1.716

0.096

C

0.941

0.322

2.923

0.006

CointEq (−1)*

−0.104

0.012

−8.908

0.000

Panel B: The Long-run Effects

Variable

Coefficient

Std. Error

t-Statistic

Prob.

LNOP

0.147

0.047

3.149

0.004

LNOPV

0.079

0.067

1.185

0.245

LNFDI

0.125

0.084

1.484

0.147

C

9.029

0.514

17.562

0.000