Table 8.

MTNARDL model results.

Long run estimation
Variables	Coefficient		t-value		p-value
GDPC	0.547**		2.267		0.045
TD	−3.658*		−1.326		0.004
SG	−0.287*		−3.238		0.002
ENE	1.092**		2.286		0.015
SIꞷ1	0.176**		1.387		0.032
SIꞷ2	0.087**		3.058		0.083
SIꞷ3	1.389***		0.239		0.164
SIꞷ4	0.156*		1.327		0.005
Short run estimationrowhead
ECT	−0.366**		−1.434		0.045
ΔLGDPC	0.214*		0.547		0.007
ΔLGDPC(-1)	0.745**		0.769		0.014
ΔLTD	−2.547**		−3.584		0.026
ΔLTD(-1)	−0.325*		−3.678		0.001
ΔLSG	−0.547*		−2.864		0.004
ΔLSG(-1)	−0.436**		−1.688		0.009
ΔLENE	0.839**		0.492		0.021
ΔLENE(-1)	0.754**		0.689		0.032
ΔLSIꞷ1	0.174		0.317		0.652
ΔLSIꞷ1 (−1)	0.001		1.264		0.164
ΔLSIꞷ2	1.795		0.737		0.267
ΔLSIꞷ2 (−1)	0.076*		1.397		0.000
ΔLSIꞷ3	2.653**		0.439		0.037
ΔLSIꞷ3 (−1)	0.059*		2.765		0.005
ΔLSIꞷ4	0.087**		0.265		0.026
ΔLSIꞷ4 (−1)	0.236**		0.457		0.043
Constant	21.578***		6.853		0.654
Diagnostic testsrowhead
Breusch-Godfrey serial Correlation LM test		1.547 (0.168)		ARCH test		0.057
Breusch–Pagan-Godfrey Heteroskedasticity Test		0.875 (0.327)		Adjusted R2		0.69
Wald SR		2.621		CUSUM		S
Wald LR		3.326**		CUSUMSQ		S
Ramsey RESET test		3.758*