Table 4.
ARDL short run and diagnostic test results.
| Variable | Estimation of short-run coefficient | |
|---|---|---|
| Coefficient | t-statistic | |
| D(GDPG(-1)) | 0.4582 | 3.7118*** |
| D(LK) | 20.5699 | 10.7524*** |
| D(LK(-1)) | 2.0003 | 0.6918 |
| D(LK(-2)) | 11.0066 | 3.8146*** |
| D(LL) | 18.0272 | 3.4112*** |
| D(LL(-1)) | −36.4204 | −5.3345*** |
| D(LL(-2)) | −21.3657 | −3.2828*** |
| D(LL(-3)) | −16.7536 | −3.0967*** |
| D(LHC) | 173.9205 | 1.2979 |
| D(LHC (-1)) | 403.8911 | 2.4712** |
| D(LHC(-2)) | 307.5912 | 1.6750 |
| D(LHC(-3)) | −481.2427 | −3.4383*** |
| ECT t−1 | −1.6550 | −9.3460*** |
| Diagnostic checking | ||
| Test | P -value | |
| Normality | 0.7136 | |
| BG serial correlation LM | 0.4166 | |
| Heteroskedasticity | 0.4364 | |
| ARCH | 0.1768 | |
***, **, and *
are denoted as significance levels at 1, 5, and 10%, respectively.