Table 7.
NARDL estimates.
| Dependent Variable: CDAM | ||||
|---|---|---|---|---|
| Selected Model: ARDL(2, 1, 0, 3, 2, 3, 3, 2) | ||||
| Variables | Coefficient | Std. Error | t-Statistic | Prob. |
| D(CDAM(-1)) | 0.254949 | 0.179377 | 1.421300 | 0.1733 |
| D(ATF_POS) | −0.000252 | 0.000078 | −3.241662 | 0.0048 |
| D(ATF_NEG) | 0.000674 | 0.000282 | 2.395579 | 0.0284 |
| D(TFC_POS) | 0.684534 | 0.365722 | 1.871733 | 0.0786 |
| D(TFC_POS(-1)) | 0.129968 | 0.246080 | 0.528154 | 0.6042 |
| D(TFC_POS(-2)) | −0.305112 | 0.172583 | −1.767911 | 0.0950 |
| D(TFC_NEG) | −1.809869 | 0.855088 | −2.116587 | 0.0493 |
| D(TFC_NEG(-1)) | −1.164689 | 0.509768 | −2.284744 | 0.0354 |
| D(GFIT) | −0.000000 | 0.000000 | −1.830714 | 0.0847 |
| D(GFIT(-1)) | 0.000000 | 0.000000 | 1.022303 | 0.3210 |
| D(GFIT(-2)) | 0.000000 | 0.000000 | 2.171005 | 0.0444 |
| D(IFS_POS) | −0.113314 | 0.049406 | −2.293520 | 0.0348 |
| D(IFS_POS(-1)) | −0.140918 | 0.102916 | −1.369250 | 0.1887 |
| D(IFS_POS(-2)) | 0.607475 | 0.202561 | 2.998978 | 0.0081 |
| D(IFS_NEG) | 0.097773 | 0.050573 | 1.933291 | 0.0700 |
| D(IFS_NEG(-1)) | 0.193481 | 0.073745 | 2.623639 | 0.0178 |
| D(@TREND(.)) | 0.349384 | 0.108695 | 3.214351 | 0.0051 |
| CointEq(-1) | −0.908540 | 0.202552 | −4.485458 | 0.0003 |
| Long Run Coefficients | ||||
| ATF_POS | −0.000375 | 0.000050 | −7.535217 | 0.0000 |
| ATF_NEG | 0.000742 | 0.000305 | 2.433995 | 0.0263 |
| TFC_POS | 1.132747 | 0.595745 | 1.901395 | 0.0743 |
| TFC_NEG | −0.678168 | 0.731339 | −0.927296 | 0.3668 |
| GFIT | −0.000000 | 0.000000 | −2.418846 | 0.0271 |
| IFS_POS | −0.740110 | 0.243691 | −3.037090 | 0.0074 |
| IFS_NEG | −0.248203 | 0.116638 | −2.127973 | 0.0483 |
| C | 2.199484 | 0.383267 | 5.738783 | 0.0000 |
| @TREND | 0.384555 | 0.070387 | 5.463403 | 0.0000 |
| NARDL Bounds Estimates | ||||
| F-statistics | 4.047 | Prob. | 0.040 | |
Source: Author's estimates.