The interaction between stock prices and interest rates in Turkey: empirical evidence from ARDL bounds test cointegration

Financial Innovation

Table 4 Long-run elasticities for the dependent variable of interest rate

Panel B: Dependent variable: LnINT
Variables	FMOLS	DOLS	CCR
LnEQ	−0.5970* (0.0398) [− 14.9664]	− 0.5875* (0.0404) [−14.5226]	−0.5967* (0.0396) [− 15.0506]
Constant	5.5700* (0.1687) [33.0007]	5.5219* (0.1718) [32.1324]	5.5688* (0.1673) [33.2852]
R²	0.8247	0.8266	0.8247
Adj. R²	0.8237	0.8230	0.8238
S.E. of regression	0.1949	0.1918	0.1949

Note: * represents the significance level at 1%. The values in the parentheses and square brackets are standard errors and T-statistics, respectively. FMOLS Fully Modified Ordinary Least Squares, CCR Canonical Cointegration Regression, DOLS Dynamic Ordinary Least Squares