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.