Table 6.

Log-linear short-run estimates and ECM.

Regressors	dlnSMEO	dlnHDI	DlnEXPR	dlnBCSME	ECT
Coefficient	0.945∗∗∗ (0.1593)	0.215∗∗ (0.0664)	-3.219∗∗∗ (0.2657)	0.745∗∗∗ (0.0886)	-3.955∗∗∗ (0.3821)
R-squared	0.993826
Adjusted R-squared	0.977949
F-statistic	62.59712
Prob (F-statistic)	0.000005
DW stat	2.265566

Note: The ARDL (3, 4, 3, 4) was based on the AIC. Standard errors are in the parentheses. ∗∗∗,∗∗, ∗ indicates 1%; 5%; & 10% significance level.