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Table 4 Long-run and short-run coefficients under ARDL

From: Nexus between financial innovation and economic growth in South Asia: evidence from ARDL and nonlinear ARDL approaches

  Country
Panel A: long-run estimation
Dependent variable Y:
Repressors
Bangladesh India Pakistan Sri Lanka
Coefficient t-stat Coefficient t-stat Coefficient t-stat Coefficient t-stat
 lnFI 1.22a 2.69 1.79a 1.56 1.17a 2.80 0.91a 1.83
 lnTO 0.43b 3.31 0.16a 0.68 0.33a 3.76 0.07b 0.98
 lnGCF 0.16* 2.33 0.22b −1.01 0.41* 1.96 0.14b 4.22
 lnDCP 0.18a 2.51 0.04b 0.47 0.15b 1.45 0.47a 1.65
 C −3.09a −0.12 −2.6 −0.21 − 3.21 −0.19 7.47 9.85
Panel B: Short-run estimation
 ECTt − 1 −0.93b −8.43 − 0.97a −5.39 − 0.95a −4.64 − 0.75a −5.98
 ∆lnFI 0.22a 2.99 0.26b 0.83 0.11b 4.04 0.16a 1.59
 ∆lnTO 0.36b 3.91 0.09 0.66 0.36b 3.97 0.19b 1.14
 ∆lnGCF 0.09b 2.84 −0.16 −3.86 0.09a 1.72 0.08a 3.79
 ∆lnDCP 0.16b 2.91 0.04b 0.40 −0.16 −1.58 0.04a 1.76
Panel C. Residual Diagnostic Test
R2 0.78   0.89   0.79   0.72  
δ 0.13   0.28   0.15   0.45  
\( {F}_{statistics}^2 \) 25.25a   4.51a   1.61a   4.15a  
\( {x}_{Autocorrelation}^2 \) 0.47[0.49]   0.97[0.85]   1.15[0.52]   0.89[0.25]  
\( {x}_{Heteroskedasticity}^2 \) 1.87[017]   1.15[0.37]   1.82[0.41]   2.14[0.47]  
\( {x}_{Normality}^2 \) 7.28[0.19]   6.94[0.29]   1.61[0.51]   1.89[0.18]  
\( {x}_{RESET}^2 \) 1.54[013]   1.26[0.29]   0.69[0.48]   0.81[0.38]  
  1. Note 1. a/b indicates 1% and 5% level of significance, respectively