Table 5 Non-linear ARDL estimation results

 C

−3.16^a

−26.65

18.52^a

−3.79^a

 Y(−1)

−0.72^a

−2.29

−0.76^a

− 1.38^a

 FI_P(− 1)

2.56^b

5.38^b

4.92^a

0.92^a

 FI_N(−1)

−4.07^b

−7.11^a

−6.73^a

−0.18^a

 DCP(−1)

−8.09^a

16.73

−7.98^a

1.43

 GCF(−1)

−4.52^b

−0.81

−0.83

− 1.93

 TO(− 1)

7.86^a

−7.35

1.74^a

7.27

 ∆Y(−1)

−0.53^a

1.95^a

0.78^b

 ∆Y(−2)

−0.35

1.55^b

−0.65

1.20^b

 ∆Y(−3)

− 0.55^b

−0.22^b

−0.61^a

 ∆Y(−4)

−0.48^a

−0.14^b

− 0.77^b

−0.51^b

 ∆FI_P(−1)

0.14^a

.03^a

0.78^a

−2.10^a

 ∆FI_P(−2)

0.39^a

0.58^a

0.9^b

−1.77^b

 ∆FI_P(− 3)

0.01^a

1.74^b

0.07^b

−0.49^b

 ∆FI_P(−4)

0.71^a

1.54^b

0.04^a

−3.42^a

 ∆FI_N(−1)

0.07^a

−0.87^b

− 0.58^a

1.41^b

 ∆FI_N(−2)

−0.96^a

− 0.65^b

− 1.78^a

5.76^b

 ∆FI_N(−3)

− 1.04^b

− 0.67^b

− 0.33^a

1.14^b

 ∆FI_N(−4)

0.96^a

− 1.12^a

− 2.93^a

− 14.88

 ∆DCP(−1)

6.66^b

17.21*

−5.43^b

 ∆DCP(−2)

2.97^b

−13.87^b

−5.29^b

 ∆DCP(−3)

12.70^a

−1.67^b

 ∆DCP(−4)

−6.29^b

− 1.21^b

17.21*

−3.97^b

 ∆GCF(−1)

3.41^b

1.35^b

 ∆GCF(−2)

1.46^b

0.40^b

0.22^b

 ∆GCF(−3)

1.04^b

0.16^b

0.81^a

0.33^a

 ∆GCF(−4)

0.57^b

0.25

−1.45^a

 ∆TO(−1)

−4.12^b

− 4.48

8.96^b

 ∆TO(−2)

−2.61

17.21

11.74^b

 ∆TO(−3)

−3.11^b

3.70

2.95^b

 ∆TO(−4)

−3.46^b

10.99

14.03^b

 F_pss

19.43

15.79

13.72

9.15

 \( {L}_{EX}^{+} \)

3.47^a

2.43^a

6.47^a

0.67^a

 \( {L}_{EX}^{-} \)

−5.65^a

−3.10^a

10.50^a

−0.13^b

 W_LR

4.78(0.002)

1.33(0.003)

2.70(0.009)

1.17(0.001)

 W_SR

12.17(0.004)

6.29(0.007)

6.18(0.004)

5.55(0.008)

 R²

0.86

0.79

0.89

0.83

 δ

0.27

0.32

0.21

0.44

 \( {\mathrm{F}}_{\mathrm{statistics}}^2 \)

10.42^a

5.28^a

3.07^a

3.73^b

 \( {\mathrm{x}}_{\mathrm{Autocorrelation}}^2 \)

2.20(0.18)

5.84(0.24)

4.84(0.45)

6.75(0.59)

 \( {\mathrm{x}}_{\mathrm{Heteroskedasticity}}^2 \)

1.96(0.26)

1.40(0.49)

1.19(0.18)

1.49(0.18)

 \( {\mathrm{x}}_{\mathrm{Normality}}^2 \)

1.61(0.41)

1.51(0.77)

1.14(0.56)

1.64(0.43)

 \( {\mathrm{x}}_{\mathrm{RESET}}^2 \)

1.19(0.34)

0.97(0.23)

6.29(0.18)

3.29(0.18)