Table 7.

CS–ARDL estimations.

	Dependent variable: GGRi, t
	Long run			Short run
Variable	Slope coefficient	Standard errors	Variable	Slope coefficient	Standard errors
GDP i, t	0.424a	0.125	ΔGDPi, t	0.338a	0.152
ENC i, t	−0.642c	0.344	ΔENCi, t	−1.571c	0.877
ENT i, t	−1.611b	0.625	ΔENTi, t	−0.542b	0.286
GTN i, t	0.138b	0.054	ΔGTNi, t	1.316b	0.602
EMS i, t	−0.043b	0.018	ΔEMSi, t	−1.134b	0.565
–	–	–	ECT(−1)	−0.079a	0.027

^a, ^b, and ^c show statistical significance at 1, 5, and 10%, respectively.

Authors' estimations.