Table Appendix-B.

Results of ARDL Robustness Check with Alternate Variables and After HAC

Variable	Coefficient	Std. Error	t-Statistic	Prob.
Short-Run Robustness with Alternate Variables After HAC
Constant	0.027	0.003	9.000	0.000
Ex(1)	−0.814	0.055	−14.800	0.000
FDI	0.087	0.120	0.725	0.116
FDI (−1)	0.042	0.002	21.000	0.001
SR	−0.029	0.011	−2.636	0.014
LNFUEL	0.011	0.005	2.200	0.030
REM	−0.008	0.106	−0.075	0.186
REM (−1)	−0.034	0.014	−2.429	0.010
Long-Run with Alternate Variables After HAC
C	−0.028	0.004	−7.000	0.004
FDI	0.032	0.011	2.909	0.001
SR	−0.041	0.015	−2.733	0.014
LNFUEL	0.016	0.008	2.000	0.013
REM	−0.009	0.005	−1.800	0.067
R-squared	0.431	S.E. of regression		0.0112
Adjusted R-squared	0.428	Sum squared resid		0.0196
F-statistic	19.876	Log likelihood		572.7575
Probe(F-statistic)	0.000	S.D. dependent var		0.0130
Durbin-Watson stat	1.987	Akaike info criterion		−6.0083
Selected Model: ARDL (1, 1, 0, 0, 0, 1)
After HAC Case 2: Restricted Constant and No Trend
Model selection method: Akaike info criterion (AIC)
HAC standard errors & covariance (Bartlett kernel, Newey-West fixed bandwidth = 5.0000)