Table 8.
CS–ARDL estimations.
Dependent variable: GGRi, t | |||||||
---|---|---|---|---|---|---|---|
Long run | Short run | ||||||
Variable | Linear | Non–Linear | Interaction | Linear | Non–Linear | Interaction | |
GDP i, t | 0.424a (0.125) | 0.471a (0.131) | 0.527b (0.260) | ΔGDPi, t | 0.338a (0.152) | 0.347b (0.134) | 0.107a (0.035) |
– | −0.221c (0.130) | – | – | −0.330c (0.192) | – | ||
ENC i, t | −0.642c (0.344) | −0.531b (0.231) | −0.443c (0.252) | ΔENCi, t | −1.571c (0.877) | −0.104a (0.032) | −0.267c (0.140) |
ENT i, t | −1.611b (0.625) | −0.169b (0.077) | −0.429a (0.138) | ΔENTi, t | −0.542b (0.286) | −0.648b (0.295) | −0.345b (0.134) |
GTN i, t | 0.138b (0.054) | 0.478a (0.144) | 0.658b (0.310) | ΔGTNi, t | 1.316b (0.602) | 0.655c (0.352) | 0.453b (0.181) |
EMS i, t | −0.043b (0.018) | −0.191b (0.089) | −0.966c (0.499) | ΔEMSi, t | −1.134b (0.565) | −1.160c (0.606) | −2.624a (0.558) |
– | – | −0.261c (0.134) | – | – | −0.633b (0.286) | ||
– | – | – | – | ECT(−1) | −0.079a (0.027) | −0.1907b (0.089) | −0.253a (0.060) |
a, b, and c show statistical significance at 1%, 5% and 10%, respectively.
Values in parenthesis are standard errors.
Authors' estimations.