Table 9.

ARDL long-run coefficients estimates for the model Romania and COVID-19 (China)—new cases.

ARDL—The Number of New Cases in China due to COVID-19
BET_R
Variables	Coefficient	Std. Error	t-Statistic	Prob.	CointEq (−1)
SSE100_R	0.1616	0.1043	1.5489	0.1275	−1.017783(0)
EUR_CNY	−1.3775	0.6322	−2.1790	0.0339
LSCO	−0.0016	0.0009	−1.6941	0.0962
XAU_R	0.2983	0.0956	3.1188	0.0030
NATURAL_GAS	−0.0022	0.0203	−0.1062	0.9159
CRUDE_OIL	0.0068	0.0020	3.3857	0.0014
WTI	−0.0050	0.0015	−3.3472	0.0015
NC_CH	0.0000	0.0000	0.5168	0.6075
C	−0.0110	0.0292	−0.3753	0.7090
RO_BOND
Variables	Coefficient	Std. Error	t-Statistic	Prob.	CointEq (−1)
SSE100_R	−0.73407	0.317581	−2.31143	0.0257	−1.853068 (0)
EUR_CNY	−3.33276	1.262391	−2.64004	0.0115
LSCO	0.000428	0.001982	0.21588	0.8301
XAU_R	−0.3718	0.140512	−2.64602	0.0113
NATURAL_GAS	−0.0295	0.034367	−0.85833	0.3955
CRUDE_OIL	−0.00673	0.00448	−1.50213	0.1404
WTI	0.006189	0.003557	1.74007	0.089
NC_CH	−2E-06	0.000001	−1.22238	0.2282
C	0.061438	0.050715	1.21143	0.2323

Source: authors’ own calculations. Notes: for the definition of variables, please see Table 1.