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.