Table 7.

Result of ARDL short and long run model.

Variable	Coefficient	Std. Error	t-Statistic	Prob.
Short-Run Result by Using Error Correction Model
Constant	0.026	0.002	13.000	0.000
Ex (1)	−0.903	0.069	−13.087	0.000
FDI	0.092	0.130	0.708	0.131
FDI (−1)	0.035	0.001	35.000	0.002
SR	−0.033	0.013	−2.538	0.014
LNFUEL	0.009	0.004	2.250	0.011
REM	−0.007	0.084	−0.083	0.187
REM (−1)	−0.036	0.014	−2.571	0.014
INF	−0.002	0.003	−0.667	0.269
INF (−1)	−0.006	0.008	−0.750	0.218
Long-Run
C	−0.025	0.09	−0.278	0.005
FDI	0.034	0.009	3.778	0.002
SR	−0.039	0.016	−2.438	0.016
LNFUEL	0.017	0.007	2.429	0.011
REM	−0.012	0.007	−1.714	0.061
INF	−0.016	0.023	−0.696	0.213
R-squared	0.452
Adjusted R-squared	0.443
F-statistic	20.341
Probe(F-statistic)	0.000
Durbin-Watson stat	2.875
Selected Model: ARDL (1, 0, 0, 1, 0, 1, 0)