Table 3.
ARDL long- and short-run outcomes.
| Long-Run Outcomes | Short-Run Outcomes | |||||
|---|---|---|---|---|---|---|
| Regressors | Coefficient | T-Statistics | p-Value | Coefficient | T-Statistics | p-Value |
| GDP | 10.176 ** | 2.2101 | 0.0411 | 6.7884 * | 3.8516 | 0.0013 |
| GDP2 | −1.5234 *** | −2.0772 | 0.0533 | −1.0392 * | −3.6959 | 0.0018 |
| URB | 4.9196 * | 3.1177 | 0.0063 | 4.792 * | 6.0073 | 0.0000 |
| HYDRO | −0.1240 *** | −1.8521 | 0.0815 | −0.2359 * | −4.3852 | 0.0005 |
| BD | 0.0158 | 1.4209 | 0.1734 | 0.2039 *** | 1.8096 | 0.0904 |
| ECMt−1 | −0.625* | −8.5033 | 0.0000 | |||
| Diagnostic Tests | ||||||
| R2 | 0.99 | |||||
| Adj R2 | 0.98 | |||||
| χ2 ARCH | 0.933 (0.555) | |||||
| χ2 RESET | 0.761 (0.458) | |||||
| χ2 Normality | 0.515 (0.772) | |||||
| χ2 LM | 2.041 (0.174) | |||||
Note: 1%, 5%, and 10% levels of significance are illustrated by *, **, and ***, respectively.