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Financial Innovation

Table 4 ARDL Long Run Approach

From: Cointegration between macroeconomic factors and the exchange rate USD/CNY

Variable

Coefficient

Std. Error

t-Statistic

Prob.

GDPG

0.6845

0.2895

2.8559

0.0019

INFR

−0.6220

0.2022

−3.0761

0.0074

INTR

−0.1822

0.2748

−0.6630

0.5221

TRDO

0.4538

0.0882

5.1451

0.0000

C

21.2878

16.0625

−1.3253

0.1971

R-squared

 

0.9940

Akaike info criterion

1.5944

Adjusted R-squared

 

0.9849

Schwarz criterion

1.0759

F-statistic

 

18.9986

Durbin-Watson stat

1.9956

Prob (F-statistic)

 

0.0000

  
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