Table 3.

ARDL-Bounds testing estimates: Model II

Variables	Coefficient	Std. error	t statistic	Prob.
∆ln(FR)t − 1	0.583	0.188	3.094	0.007
∆ln (FR)t − 2	0.770	0.260	2.957	0.010
∆ln (COMDIS)t	0.018	0.009	1.907	0.077
∆ln (COMDIS)t − 1	0.017	0.014	1.183	0.256
∆ln (COMDIS)t − 2	− 0.014	0.009	− 1.558	0.141
∆ln (FPI)t	− 0.079	0.042	− 1.856	0.084
∆ln (FPI)t − 1	− 0.024	0.030	− 0.820	0.425
∆ln (FPI)t − 2	− 0.013	0.031	− 0.437	0.668
∆ln (FPRICE)t	0.0007	0.001	0.483	0.636
∆ln (FPRICE)t − 1	− 0.0065	0.001	− 3.414	0.004
∆ln (FPRICE)t − 2	− 0.003	0.001	− 1.878	0.081
∆ln (VEMP)t	− 0.769	0.221	− 3.468	0.003
∆ln (VEMP)t − 1	− 0.026	0.369	− 0.070	0.944
∆ln (VEMP)t − 2	0.234	0.216	1.082	0.297
∆ln (POVHCR)t	0.122	0.035	3.491	0.003
∆ln (POVHCR)t − 1	0.047	0.032	1.446	0.170
∆ln (POVHCR)t − 2	0.139	0.027	5.146	0.000
CointEqt − 1	− 0.117	0.053	− 2.212	0.044
Long-run coefficients
ln(COMDIS)t	− 0.243457	0.138314	− 1.760178	0.1002
ln(FPI)t	− 0.349750	0.092775	− 3.769899	0.0021
ln(FPRICE)t	0.114237	0.050166	2.277183	0.0390
ln(VEMP)t	1.494382	0.244641	6.108473	0.0000
ln(POVHCR)t	− 0.614636	0.211730	− 2.902929	0.0116
Diagnostic tests
Wald F statistics	5.375*	J.B Test	0.182	Prob. value:0.912
Heteroskedasticity test: Breusch–Pagan–Godfrey			0.188	Prob. value: 0.999
Ramsey RESET test: t statistic			0.645	Prob. value: 0.529

Dependent variable is ln(FR). The asterisk indicates 99% significance level