Table 7 Long-run and short-run NARDL results.
Variables | |||
---|---|---|---|
Long run | Coeff. | t-statistic | Probability |
LEG_POS | 1.278*** | 5.378 | 0.000 |
LEG_NEG | −0.353 | −0.908 | 0.374 |
LTON | 0.363** | 2.186 | 0.041 |
ICT_POS | 0.002* | 1.790 | 0.088 |
ICT_NEG | 0.010** | 2.560 | 0.018 |
LTIN_POS | −0.123** | −2.154 | 0.044 |
LTIN_NEG | −0.056 | −1.080 | 0.292 |
Short run | |||
D(LEG_POS) | 0.920*** | 4.002 | 0.000 |
D(LEG_NEG) | −0.254 | −0.878 | 0.390 |
D(LTON) | 0.043 | 0.329 | 0.745 |
D(ICT_POS) | 0.001* | 1.792 | 0.088 |
D(ICT_NEG) | 0.007** | 2.471 | 0.022 |
D(LTIN_POS) | −0.004 | −0.114 | 0.910 |
D(LTIN_POS(−1)) | −0.029** | −2.184 | 0.041 |
D(LTIN_NEG) | −0.040 | −1.049 | 0.306 |
ECM(−1) | −0.720*** | −5.857 | 0.000 |
C | 9.125** | 10.836 | 0.000 |
Diagn. tests | ||
---|---|---|
Test | Test-statistic | Prob. |
BGSC LM test | 1.019 | 0.380 |
B-P-G Heteroscedasticity test | 0.841 | 0.907 |
ARCH test (Heteroscedasticity) | 0.484 | 0.501 |
Jarque-Bera test | 0.104 | 0.948 |