The role of natural resources in financial expansion: evidence from Central Asia

Financial Innovation

Table 9 CS-ARDL technique outcomes

FE	CSD in short-term		CSD long term		CSD in short and long term
FE	Long term	Short term	Long term	Short term	Long term	Short term
Error correction		− 0.841***		− 0.962***		− 0.666***
ΔLNR		0.012*		0.031**		0.007
ΔLNR2		− 0.001		− 0.009*		− 0.001
ΔYL		0.125**		0.164**		0.026
ΔHD		0.326		0.071		0.057
ΔINQ		0.007**		0.004		0.01***
LNR	0.007**		0.016*		0.004***
LNR2	− 0.001		− 0.005*		− 0.001***
YL	0.069**		0.09**		0.015***
HD	0.142		0.045*		0.035***
INQ	0.004**		0.003		0.006***
Constant	− 0.284**		− 0.438**		0.078