Table 2.

Autoregressive distributed lag (ARDL) test

Indicator	Value	Std. dev	T-sig	P-sig
COVID-19	50.23*	28.77	5.22	0.000
S&P500	7.57*	8.00	3.42	0.001
DOW	9.35*	28.31	7.77	0.000
DAX	18.43*	1.007	5.58	0.000
CRIA	27.87*	77.05	5.08	0.000
Cyprus	17.57*	0.201	2.77	0.000
MA-POL	19.28*	0.632	2.52	0.003

Note: * indicates 1% significance level