Table 6 Robustness checks for NARDL estimation models.
| Â | China | United States |
|---|---|---|
| Â | NARDL with WTELR asymmetry | NARDL with WTELR and WTESR asymmetry |
Model | 1, 1, 1, 0, 0, 0, 1, 0 | 1, 0, 3, 0, 0, 0, 3, 2 |
Long run | ||
WTE+ | −0.1702*** | 0.1203*** |
WTE- | −0.9796** | 0.4475 |
GDP | 1.2922** | 2.1440*** |
GDP2 | −8.3252** | −2.2662*** |
FID | 1.5909** | 0.0068** |
FDI | 0.2609** | 0.6433** |
UP | 3.5779** | 2.2629** |
Short run | ||
WTE | −0.0711 | – |
WTE+ | – | −0.0563*** |
WTE− | − | −0.0039 |
GDP | −0.6131 | −0.7976 |
GDP2 | 0.5998 | 1.1031 |
FID | −0.1820 | 0.0033 |
FDI | 0.0227 | 0.1849 |
UP | 2.4204 | 0.7473 |
Diagnostic test | ||
Jarque–Bera | 1.1587 | 1.1704 |
Breusch–Godfrey Serial Correlation LM test | 1.6810 | 0.9539 |
ARCH | 0.8238 | 0.7691 |
Ramsey test | 2.0859 | 0.4811 |
