Table 7.

Dynamic ARDL simulations and ARDL outputs.

Estimated Model= (LnEFP/LnEGR, LnEGR2,LnGLOB, LnGEN, LnFDV)
ARDL				DARDL
Variables	Coefficient	t-stat.	Prob.	Coefficient	t-stat.	Prob.
LnEGR	9.1989*	3.5591	0.0014	4.9132**	2.73	0.011
ΔLnEGR	−0.2533	−0.8535	0.4008	−7.9001	−0.81	0.426
LnEGR2	−0.6132*	−3.2015	0.0035	−0.3315**	−2.44	0.021
ΔLnEGR2	−0.0045	−1.4336	0.1631	0.5997	0.74	0.467
LnGLOB	−0.4295**	−2.6471	0.0134	−0.256***	−1.87	0.072
ΔLnGLOB	0.0468	1.3947	0.1745	−0.2365	−1.52	0.140
LnGEN	−0.0817	−1.3153	0.1994	−0.0292	−1.32	0.196
ΔLnGEN	0.0018	0.1258	0.9008	0.0050	0.32	0.748
LnFDV	−0.1392*	−3.5067	0.0016	−0.0844*	−3.47	0.002
ΔLnFDV	−0.1085*	−3.0766	0.0048
Dummy	−0.0777**	−2.4317	0.0219	–	–	–
ΔDummy	−0.1032*	−3.7855	0.0008	–	–	–
ECT (-1)	−0.6289*	−6.5389	0.0000	−0.5864*	−4.09	0.000
R-Square	0.9857			0.5865
AdjustedR2	0.9777			0.4297
F-statistics Prob.	0.0000			0.0000

Note: ***, **, and *denotes significance at 10%, 5%, and 1% levels, respectively. P values are provided in brackets for diagnostic tests. ARDL estimation allows including dummy variables, while DARDL does not allow it.