Table 4.

Long-run and short-run equilibrium relationship: ARDL (2,1,1,1) Test Results.

Long-Run Equation
	Coefficient	t-Statistic	Prob.∗
Constant	-0.0856	-1.4037	0.1630
REC	-0.6771	-3.1914	0.0018
TO	-0.2261	-2.8159	0.0057
TR	0.1608	4.1723	0.0001
TA	0.1360	3.6374	0.0004
Urb	-0.0059	-0.2205	0.8258
Short Run Equation
COINTEQ01	-0.048115	-1.460346	0.0468
D(LREC)	0.012594	0.150293	0.8808
D(LTO)	-0.017883	-0.699078	0.4859
D(LTR)	-0.014017	-1.814088	0.0722
D(LTA)	0.022571	1.134393	0.2589
D(LURB)	-0.022534	-0.423773	0.6725

Note: prob∗ represent the p-value.