Impact of petroleum and non-petroleum indices on financial development in Oman

Financial Innovation

Table 4 Short-run relationship ARDL model (4, 4, 4, 2, 4)

Variable	Coefficient	Std. Error	t-Statistic	Prob.
D (DC(−1))	0.0004	0.1275	0.0030	0.9977
D (DC(−2))	0.3296	0.1220	2.7021	0.0181
D (DC(−3))	0.2271	0.1335	1.7018	0.1126
D (AGRI)	6.4167	1.6606	3.8641	0.002
D (AGRI(−1))	1.8984	2.7447	4.6994	0.0004
D (AGRI(−2))	1.8656	2.4957	4.7543	0.0004
D (AGRI(−3))	7.3303	2.2973	3.1909	0.0071
D (INDUST)	−0.4742	0.2097	−2.2609	0.0416
D (INDUST(−1))	−0.1112	0.1824	−0.6096	0.5526
D (INDUST(−2))	0.0288	0.1624	0.1775	0.8618
D (INDUST(−3))	0.5707	0.1317	4.3333	0.0008
D (OIR)	0.1597	0.1395	1.1453	0.2727
D (OIR(−1))	0.6776	0.1626	−4.1662	0.0011
D (SERVE)	0.3144	0.0913	3.4445	0.0044
D (SERVE(−1))	0.3162	0.1111	−2.8469	0.0137
D (SERV(−2))	0.2251	0.1053	2.1387	0.052
D (SERVE(−3))	0.4748	0.1077	4.4087	0.0007
(ECT-1)	−0.3324	0.0437	−7.6057	0.000
Adjusted R-squared	0.894223
Durbin-Watson stat	2.541182