Table 13.

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

ARDL—The Number of New Cases in Italy due to COVID-19
BET_R
Variables	Coefficient	Std. Error	t-Statistic	Prob.	CointEq (−1)
FTMIB_R	0.2859	0.1377	2.0760	0.0427	−0.954393 (0)
LSCO	−0.0003	0.0006	−0.4545	0.6513
XAU_R	0.1963	0.1074	1.8279	0.0731
NATURAL_GAS	0.0123	0.0163	0.7532	0.4546
CRUDE_OIL	0.0024	0.0013	1.8294	0.0729
WTI	−0.0021	0.0012	−1.7002	0.0948
NC_IT	0.0000	0.0000	0.0103	0.9918
C	−0.0256	0.0295	−0.8669	0.3898
RO_BOND
Variables	Coefficient	Std. Error	t-Statistic	Prob.	CointEq (−1)
FTMIB_R	0.5133	0.3556	1.4437	0.1559	−1.147405 (0)
LSCO	−0.0068	0.0041	−1.6445	0.1072
XAU_R	−0.7336	0.2267	−3.2362	0.0023
NATURAL_GAS	0.1743	0.0593	2.9375	0.0052
CRUDE_OIL	0.0185	0.0087	2.1270	0.0391
WTI	−0.0187	0.0073	−2.5465	0.0145
NC_IT	0.0000	0.0000	−3.0230	0.0042
C	0.0342	0.0866	0.3944	0.6952

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