Table 2

The short-run dynamics: error correction representation of the selected ARDL Model

EstimateSEt-statp Value
∆Intercept5.3001.8972.7940.10
∆Ln Pi−0.4760.168−2.8420.009
∆Ln Yi−0.3400.156−2.1790.04
∆Trend0.3470.0113.2230.004
∆ECT (−1)−0.4060.124−3.2830.003
  • R-squared=0.739.

  • Adjusted R-squared=0.693.

  • Durbin–Watson stat=2.300.

  • Durbin h stat=−1.050 (p=0.293).

  • F-statistic=16.262 (p=0.0001).