Table 4.

QARDL results

Quantile	Constant	ECM	Long run				Short run
(τ)	α∗(τ)	ρ∗(τ)	ΒGOV(τ)	ΒERT(τ)	ΒIND(τ)	ΒGDP(τ)	φ1(τ)	ω0(τ)	λ0(τ)	θ0(τ)	∞(τ)
0.05	0.021	−0.581***	0.310**	−0.344**	0.30	0.540	0.562***	0.311**	−0.348***	0.814	0.848
	(0.104)	(-3.034)	(3.243)	(−2.524)	(0.379)	(1.644)	(3.337)	(3.915)	(−4.101)	(0.881)	(0.081)
0.10	0.131	−0.139***	0.532***	−0.224***	0.472	0.652	0.346***	0.446**	−1.419***	0.774	0.234
	(0.018)	(-2.133)	(4.247)	(−2.844)	(0.207)	(1.753)	(3.432)	(3.502)	(−2.342)	(0.090)	(0.440)
0.20	0.025	−0.474***	0.315***	−0.665***	0.876	0.463	0.450***	0.353	−0.039**	0.037	0.239
	(0.005)	(−3.740)	(3.414)	(−3.143)	(0.060)	(1.563)	(4.303)	(1.016)	(−2.994)	(0.097)	(0.897)
0.30	0.033	−0.247***	0.313***	−0.855***	0.473	0.654	0.567***	0.917	−0.553***	0.424	0.054
	(0.005)	(−4.650)	(3.128)	(−2.656)	(0.188)	(1.283)	(5.645)	(1.118)	(−2.341)	(0.003)	(0.003)
0.40	0.043	−0.248***	0.634***	−0.954***	0.064	0.546	0.667***	0.018	−0.020	0.088	0.056
	(0.031)	(−4.646)	(2.321)	(−2.303)	(0.445)	(1.446)	(3.368)	(0.674)	(−0.303)	(0.005)	(0.309)
0.50	0.055	−0.405***	0.344**	−0.224**	0.543	0.349	0.619***	0.017	−0.400	0.061	0.055
	(0.003)	(−3.036)	(3.134)	(−2.445)	(0.876)	(1.235)	(3.506)	(0.078)	(−0.408)	(0.091)	(0.091)
0.60	0.042	−0.348***	0.331***	−1.425***	0.030	0.554**	0.954***	0.044	−0.092	0.032	0.134
	(0.003)	(−4.045)	(3.040)	(−3.714)	(1.049)	(2.428)	(3.445)	(0.391)	(−0.950)	(0.498)	(0.884)
0.70	0.041	-0.340***	0.234**	−2.333**	0.235	0.224***	0.555***	0.718	−0.059	0.154	0.456**
	(0.005)	(−5.670)	(2.634)	(−2.231)	(0.537)	(2.424)	(2.454)	(1.523)	(−0.889)	(0.832)	(2.561)
0.80	0.045	−0.661***	0.238***	−1.225***	0.054	0.725***	1.235***	0.350	−0.021	0.864	0.144**
	(0.005)	(−3.839)	(2.838)	(−2.624)	(0.040)	(2.440)	(4.330)	(0.695)	(−0.032)	(0.881)	(2.357)
0.90	0.026	−0.352***	0.338***	−0.436***	0.733	0.424***	0.455***	0.916	−0.035	0.048	0.335**
	(0.002)	(−5.355)	(2.536)	(−2.168)	(0.040)	(2.544)	(3.155)	(0.151)	(−0.464)	(0.009)	(2.849)
0.95	0.032	−0.757***	2.624***	−1.924***	0.116	0.445***	0.564***	0.425	−0.814	0.098	0.488**
	(0.004)	(−5.353)	(2.443)	(−2.628)	(0.011)	(3.435)	(4.411)	(0.696)	(−0.931)	(0.087)	(2.069)

*** significant at 1% level, ** significant at 5% level, * significant at 10% level