Table 8 Dynamic ARDL simulations analysis

Cons

− 1.1813

1.2816

− 0.93

InSE

0.2301***

0.1817

4.57

\(\Delta\) InSE

0.3905***

0.2718

2.75

InTE

− 0.6021**

0.8245

− 2.37

\(\Delta\) InTE

− 0.7363

0.1417

− 1.78

InFISD

− 0.3020***

0.1202

3.51

\(\Delta\) InFISD

− 0.2031***

0.0671

2.53

InTECH

− 0.7223***

0.5871

− 3.24

\(\Delta\) InTECH

− 0.2358**

0.0698

− 2.62

InEC

0.2741***

0.1762

3.98

\(\Delta\) InEC

0.5972*

0.1719

1.98

InFDI

0.9015

0.0810

1.12

\(\Delta\) InFDI

0.2881**

0.2657

2.59

InOPEN

0.1805***

0.0487

5.39

\(\Delta\) InOPEN

− 0.3082**

0.0570

− 2.53

InIGDP

0.3434**

0.1577

2.17

\(\Delta\) InIGDP

0.5373

0.2309

0.23

ECT(− 1)

− 0.8392***

0.1286

− 3.05

R-squared

0.7861

Adj R-squared

0.7705

N

55

p val of F-sta

0.0000***

Simulations

1000