Table 10.
CS-ARDL results: adding India and Japan
| Dependent variable: lnEF | Coefficients | Standard error | z-statistic | p-value |
|---|---|---|---|---|
| Short-run estimation | ||||
| Δ(lnEPU) | 0.0533634 | 0.0259715 | 2.05 | 0.040 |
| Δ(lnW) | 0.082053 | 0.2814626 | 0.29 | 0.771 |
| Δ(lnTO) | 0.2091352 | 0.1238971 | 1.69 | 0.091 |
| Δ(lnNR) | −.0256457 | .0173509 | −1.48 | 0.039 |
| Δ(lnLE) | −3.799121 | 9.615194 | −0.40 | 0.693 |
| constant | 8.55389 | 10.08001 | 0.85 | 0.396 |
| Long-run estimation | ||||
| Error correction | −.8993027 | .0881509 | −10.20 | 0.000 |
| lnEPU | −.055116 | .0208398 | −2.64 | 0.008 |
| lnW | .6328697 | .2480365 | 2.55 | 0.011 |
| lnTO | −.4326741 | .1437027 | −3.01 | 0.003 |
| lnNR | .081715 | .0313798 | 2.60 | 0.009 |
| lnLE | −2.594759 | 2.675127 | −0.97 | 0.332 |
*, **, *** denote statistically significant at the 10%, 5%, and 1% levels, respectively. Source: Current Research