Table 4.
Estimated result of the ARDL (3,0,3,2,4,3) model.
| Variables | Coefficients | Std. error | t-statistic | p-value |
|---|---|---|---|---|
| Short run | ||||
| D(RNRT) | 1.0425 | 0.576 | 1.811 | 0.086z |
| D(NRNRT) | 1.4394 | 0.256 | 5.615 | 0.000x |
| D(CRDPSEC) | 1.0757 | 0.252 | 4.269 | 0.000x |
| D(INF) | 0.122 | 0.0462 | 2.650 | 0.016y |
| D(XPOT) | −0.6950 | 0.1652 | −4.207 | 0.001y |
| ECT(-1) | −1.8153 | 0.281 | −6.467 | 0.000x |
| Long Run | ||||
| RNRT | 0.5743 | 0.311 | 1.847 | 0.080z |
| NRNRT | −1.7731 | 0.155 | −11.445 | 0.000x |
| CRDPSEC | −0.1099 | 0.0307 | −3.576 | 0.002y |
| INF | 0.1023 | 0.076 | 1.512 | 0.147 |
| XPOT | 1.0786 | 0.076 | 14.176 | 0.000x |
| C | −16.7820 | 2.350 | −7.140 | 0.000x |
x,y,z are the respective significant levels at 1 %, 5 % and 10 %. GDPC = Gross domestic product per capita, RNR = renewable natural resources, NRNR = Non-renewable natural resources, CRDPSEC = Credit to private sector, INF = Inflation, XPOT = Export of goods and services.