Table 4.
Non-linear autoregressive distributed-lag (NARDL) equation results.
| Variable | Short-run coefficient | SE | t-statistic |
|---|---|---|---|
| FD+ | 0.097*** | 0.052 | 2.338 |
| FD− | 0.046** | 0.130 | 0.437 |
| ΔRE | −0.856*** | 0.144 | −7.433 |
| ΔREE (−1) | −0.529*** | 0.146 | −4.535 |
| ΔGDP | 0.050*** | 0.015 | 4.237 |
| ΔTO | 0.316** | 0.097 | 3.796 |
| ECT (−1) | −0.313*** | 0.104 | −3.755 |
| Variable | Long-run coefficient | SE | t-statistic |
| FD+ | 0.386*** | 0.136 | 3.539 |
| FD | 0.182* | 0.543 | 0.418 |
| REE | −1.302*** | 0.166 | −9.777 |
| GDP | 0.200*** | 0.088 | 2.837 |
| TO | 0.517 | 0.233 | 4.143 |
| Constant | 9.252 | 1.127 | 10.259 |
| Diagnostic test | |||
| R 2 | 0.974 | ||
| F-statistics | 1546.268 | ||
| Prob(F-statistics) | 0.000 | ||
| DW | 1.630 | ||
| 0.000 | |||
| LM | 3.964 | ||
| (1.256) | |||
| WaldLR | 11.057 | ||
| [0.0054] | |||
| WaldSR | 78.748 | ||
| [0.000] | |||
| ARCH | 23.979 | ||
| (1.466) | |||
***, **, and * shows the level of significance at 1%, 5%, and 10%.