Table 7.
CS-ARDL results
| Dependent variable: lnEF | Coefficients | Standard error | z-statistic | p-value |
|---|---|---|---|---|
| Short-run estimation | ||||
| Δ(lnEPU) | 0.0616388 | 0.0280475 | 2.20 | 0.028 |
| Δ(lnW) | 0.1286102 | 0.3093468 | 0.42 | 0.678 |
| Δ(lnTO) | 0.2283546 | 0.1358288 | 1.68 | 0.093 |
| Δ(lnNR) | −0.0331151 | 0.0183501 | −1.80 | 0.071 |
| Δ(lnLE) | −5.222865 | 10.58172 | −0.49 | 0.622 |
| Constant | 9.152548 | 11.15852 | 0.82 | 0.012 |
| Long-run estimation | ||||
| Error correction | −0.8947111 | 0.0976226 | -9.16 | 0.000 |
| lnEPU | −0.0641288 | 0.021915 | −2.93 | 0.003 |
| lnW | 0.631202 | 0.274867 | 2.30 | 0.022 |
| lnTO | −0.4741248 | 0.1560682 | −3.04 | 0.002 |
| lnNR | 0.093378 | 0.0332952 | 2.80 | 0.005 |
| lnLE | −2.682202 | 2.963176 | −0.91 | 0.365 |
*, **, and *** denote statistically significant at the 10%, 5%, and 1% levels, respectively. Source: Current Research