ARDL estimation results
| Variables . | Coeff. . | Std. er. . | t-stat. . | Pro. . |
|---|---|---|---|---|
| Long-run effect | ||||
| LnAAT | −2.745446 | 1.596272 | −1.719911 | 0.1362 |
| LnFC | 0.041211 | 0.091647 | 0.449667 | 0.6687 |
| LnPU | −0.091006 | 0.093599 | −0.972299 | 0.3685 |
| LnCA | 0.927176 | 0.443691 | 2.089689 | 0.0816 |
| LnEC | 0.314171 | 0.024062 | 13.056935 | 0.0000 |
| Short-run effect | ||||
| D(LnAAT) | −0.670538 | 0.344152 | −1.948375 | 0.0993 |
| D[LnAAT(−1)] | −0.395244 | 0.371838 | −1.062945 | 0.3287 |
| D[LnAAT(−2)] | 0.169470 | 0.217643 | 0.778658 | 0.4658 |
| D(LnFC) | 0.020983 | 0.023008 | 0.912006 | 0.3969 |
| D[LnFC(−1)] | −0.031949 | 0.025096 | −1.273063 | 0.2501 |
| D(LnPU) | 0.035414 | 0.043801 | 0.808524 | 0.4497 |
| D[LnPU(−1)] | −0.182566 | 0.059713 | −3.057402 | 0.0223 |
| D[LnPU(−2)] | 0.132170 | 0.036800 | 3.591570 | 0.0115 |
| D(LnCA) | 0.540827 | 0.176103 | 3.071082 | 0.0219 |
| D[LnCA(−1) | −0.429411 | 0.328884 | −1.305660 | 0.2395 |
| D(LnEC) | 0.099550 | 0.068511 | 1.453063 | 0.1964 |
| D[LnEC(−1)] | −0.316860 | 0.077573 | −4.084683 | 0.0065 |
| D[LnEC(−2)] | 0.060496 | 0.074968 | 0.806953 | 0.4505 |
| CointEq(−1) | −0.645231 | 0.153563 | −4.201725 | 0.0057 |
| Constant | −1.535148 | 7.123762 | −0.215497 | 0.8365 |
| R-squared | 0.999793 | |||
| Durbin–Watson stat | 2.417901 | |||
| SE of regression | 0.009029 | |||
| F-statistic | 126.951 | |||
| Pro. (F-statistic) | 0.000000 |
| Variables . | Coeff. . | Std. er. . | t-stat. . | Pro. . |
|---|---|---|---|---|
| Long-run effect | ||||
| LnAAT | −2.745446 | 1.596272 | −1.719911 | 0.1362 |
| LnFC | 0.041211 | 0.091647 | 0.449667 | 0.6687 |
| LnPU | −0.091006 | 0.093599 | −0.972299 | 0.3685 |
| LnCA | 0.927176 | 0.443691 | 2.089689 | 0.0816 |
| LnEC | 0.314171 | 0.024062 | 13.056935 | 0.0000 |
| Short-run effect | ||||
| D(LnAAT) | −0.670538 | 0.344152 | −1.948375 | 0.0993 |
| D[LnAAT(−1)] | −0.395244 | 0.371838 | −1.062945 | 0.3287 |
| D[LnAAT(−2)] | 0.169470 | 0.217643 | 0.778658 | 0.4658 |
| D(LnFC) | 0.020983 | 0.023008 | 0.912006 | 0.3969 |
| D[LnFC(−1)] | −0.031949 | 0.025096 | −1.273063 | 0.2501 |
| D(LnPU) | 0.035414 | 0.043801 | 0.808524 | 0.4497 |
| D[LnPU(−1)] | −0.182566 | 0.059713 | −3.057402 | 0.0223 |
| D[LnPU(−2)] | 0.132170 | 0.036800 | 3.591570 | 0.0115 |
| D(LnCA) | 0.540827 | 0.176103 | 3.071082 | 0.0219 |
| D[LnCA(−1) | −0.429411 | 0.328884 | −1.305660 | 0.2395 |
| D(LnEC) | 0.099550 | 0.068511 | 1.453063 | 0.1964 |
| D[LnEC(−1)] | −0.316860 | 0.077573 | −4.084683 | 0.0065 |
| D[LnEC(−2)] | 0.060496 | 0.074968 | 0.806953 | 0.4505 |
| CointEq(−1) | −0.645231 | 0.153563 | −4.201725 | 0.0057 |
| Constant | −1.535148 | 7.123762 | −0.215497 | 0.8365 |
| R-squared | 0.999793 | |||
| Durbin–Watson stat | 2.417901 | |||
| SE of regression | 0.009029 | |||
| F-statistic | 126.951 | |||
| Pro. (F-statistic) | 0.000000 |