Table 5.

Estimated long-run coefficients using the ARDL approach

ARDL (1, 0, 0, 2, 2, 0, 0), selected based on Akaike information criterion (AIC) Dependent variable is lnRGDP 44 observations used for estimation from 1974 to 2017
Regressors	Coefficients	ST. Error	T-Ratio [Prob]
lnGK	0.277782	0.044000	6.313209 [0.0000]***
lnAID	−0.058661	0.018955	−3.094804 [0.0042]***
lnEXD	−0.089451	0.015507	−5.768575 [0.0000]***
lnEXHE	0.397666	0.034984	11.367015 [0.0000]***
lnEXT	−0.098263	0.031894	−3.080921 [0.0044]***
INF	0.001433	0.000925	1.548245 [0.1320]
C	8.603722	0.402023	21.401095 [0.0000]***
R-squared	0.998319	Mean dependent variable	12.32627
Adjusted R-squared	0.997703	S.D. dependent variable	0.711583
S.E. of regression	0.034107	Akaike info criterion	−3.683677
Sum squared residual	0.034898	Schwarz criterion	−3.187199
Log likelihood	89.35721	DW statistics	2.297730
F-statistic	1619.671 [0.000]