TABLE 8.
Long-run and short-run parameters of ARDL model E.
| Variable | Coefficient | Standard error | t-Statistic | Probability | Variable | Coefficient |
| Short-run | ||||||
| D(EGPC) | 0.164266 | 0.099597 | 1.649304 | 0.1976 | R-squared | 0.893278 |
| D(GHNC) | 1.943076 | 0.253809 | 7.65567 | 0.0046 | Adjusted R-squared | 0.845846 |
| D(KENC) | 6.838584 | 0.964837 | 7.087815 | 0.0058 | Durbin-Watson | 2.691855 |
| D(TUNC) | 0.059362 | 0.134444 | 0.441533 | 0.6887 | ||
| ECTt-1 | –0.729633 | 0.090354 | –8.075309 | 0.004 | ||
| Long-run | ||||||
| EGPC | –0.218354 | 0.285338 | –0.765248 | 0.4998 | ||
| GHNC | –8.523562 | 2.784284 | –3.061312 | 0.0549 | ||
| KENC | 21.09007 | 6.97338 | 3.024368 | 0.0566 | ||
| MORC | 4.011221 | 1.323988 | 3.029651 | 0.0563 | ||
| TUNC | 2.428482 | 1.048609 | 2.315907 | 0.1035 | ||
| C | 73.65115 | 4.75252 | 15.49728 | 0.0006 |
Author’s calculation.