Table 4. Long Run Form of ARDL.

Model (2, 0, 1, 0, 0, 0, 1, 1, 1, 0, 0, 0, 1, 0, 1, 1, 0, 0, 0)
Variable	Coefficient	Std. Error	t-Statistic	p-Value
LnWPI	0.022254	0.037985	0.585859	0.5589
LnSP	-0.306743	0.180919	-1.69547	0.0922***
LnREPO	-0.718907	0.377801	-1.902871	0.0591***
LnM3	1.37184	0.470784	2.913945	0.0042*
LnINT	0.499693	0.350984	1.423692	0.1568
LnIMP	-0.030099	0.203991	-0.147549	0.8829
LnIIP	0.06365	0.052582	1.21051	0.2282
LnGP	0.329263	0.333996	0.985829	0.3259
LnGFD	-0.002413	0.011244	-0.214605	0.8304
LnGDP	0.127941	0.05071	2.522993	0.0128**
LnFII	0.099797	0.024157	4.1312	0.0001*
LnFER	0.031715	0.454223	0.069822	0.9444
LnEXP	-0.590043	0.295944	-1.993767	0.0481**
LnER	-1.24941	0.552302	-2.262188	0.0252**
LnCPI	-0.109402	0.056085	-1.950641	0.0531***
LnCOP	0.302682	0.119182	2.539658	0.0122**
LnCMR	0.131846	0.194867	0.676594	0.4998
LnBOP	-0.011307	0.008135	-1.389949	0.1668
C	-12.52415	3.264108	-3.836927	0.0002

EC = LNNSE - (0.0223*LNWPI -0.3067*LNSP -0.7189*LNREPO + 1.3718*LNM3 + 0.4997*LNINT -0.0301*LNIMP + 0.0637*LNIIP + 0.3293*LNGP -0.0024*LNGFD + 0.1279*LNGDP + 0.0998*LNFII + 0.0317*LNFER -0.5900*LNEXP -1.2494*LNER -0.1094*LNCPI + 0.3027*LNCOP + 0.1318*LNCMR -0.0113*LNBOP - 12.5241).

Note: *, ** and *** Indicate significance at the 1%, 5% and 10% level, respectively.