Table 5 NARDL estimates
Variable | Coefficient |
|---|---|
Panel A: Short-run estimates | Â |
CCP | 0.110** (1.99) |
CCP (− 1) | 0.092*** (2.78) |
CCP (− 2) | 0.034** (2.18) |
ECP | 0.026 (1.63) |
ECP (− 1) | 0.181*** (4.16) |
EXP | − 0.014 (1.01) |
EXP (− 1) | − 0.09*** (3.00) |
REC | − 0.20** (2.32) |
GDP | 0.874*** (5.43) |
GDP (− 1) | 0.514* (1.74) |
CointEq (− 1) | − 0.596*** (6.63) |
Panel B: Long Run estimates | Â |
CCP | − 0.074* (1.90) |
ECP | 0.192*** (2.94) |
EXP | − 0.056** (2.15) |
REC | − 0.238*** (4.13) |
GDP | 0.825*** (5.32) |
C | − 6.842*** (6.10) |
Panel C: Diagnostic tests | Â |
WALD test: CP (Short-run) | 5.44*** |
CP (Long-run) | 7.86*** |
F-Stat | 15.21*** |
R2 | 0.9842 |
Adj R2 | 0.9696 |
DW Stat | 2.08 |
J-B Normality | 0.83 |
Χ2 LM | 0.99 |
Χ2 RESET | 1.23 |
CUSUM | Stable |
CUSUMQ | Stable |