Table 4 Panel ARDL.
| Ā | Long-run | Short-run | ||||
|---|---|---|---|---|---|---|
Coefficient, | t-Stat | Prob, | Coefficient, | t-Stat | Prob, | |
\({\text{EG}}\) | āāā1.9106* | āāā3.0367 | 0.0029 | 0.4886 | 1.1236 | 0.2633 |
\({\text{ELE}}\) | āāā0.2091** | āāā2.2827 | 0.0218 | āāā0.2091** | āāā2.2827 | 0.0218 |
\({\text{IND}}\) | āāā1.9512* | āāā5.7733 | 0.0000 | āāā0.5472** | āāā2.0552 | 0.0420 |
\({\text{HC}}\) | 1.4005* | 3.0868 | 0.0025 | 1.4005* | 3.0868 | 0.0025 |
RECE | 0.1230** | 1.9976 | 0.0480 | 0.017 | 0.3258 | 0.7451 |
ECT (āā1) | Ā | Ā | Ā | āāā0.3679* | āāā3.0709 | 0.0027 |
C | āāā4.9141 | āāā1.162584 | 0.2472 | Ā | Ā | Ā |