88
E. N. Udemba
Table 5 Cointegration (ARDL) assessments of EFP model
Variables
Coefficients
SE
t-statistics
P-value
Long-path
LGDP
0.000348
0.000138
2.5235
0.0187**
LGDP 2
−1.09E−07
3.95E−08
−2.7468
0.0112**
LEU
0.001188
0.000180
6.5889
0.0007***
LAG
4.98E−12
1.36E−12
3.6582
0.0012***
LPOP
2.55E−09
1.07E−09
2.3689
0.0262**
Constant
0.51894
0.18089
2.8687
0.0085***
Short-path
D(LGDP)
0.000348
0.000138
2.5235
0.0187**
D(LGDP 2 )
−1.09E−07
3.95E−08
−2.7468
0.0112**
D(LEU)
0.00119
0.000108
11.0272
0.0000**
D(LAG)
4.98E−12
9.97E−13
4.9892
0.0000***
D(LPOP)
2.55E−09
1.07E−09
2.3689
0.0262**
CointEq(−1)*
−0.41931
0.06194
−6.7694
0.0000***
R 2
0.999248
Adj.R 2
0.998903
D.Watson
2.2215
Bound test
(Long-path)
F-statistics
6.3206***
K = 5,@ 1% I(0)bound = 4.257 I(1)bound = 5.898
Wald test
(short-path)
F-statistics
2898.565***
P-value
0.00000***
Serial correlation test
F-statistics
0.5704
Chi-square
0.4117
P-value
0.5734
Heteroscedasticity test
F-statistics
0.49957
Chi-square
0.8223
P-value
0.8848
Note *, **, *** Denotes rejection of the null hypothesis at the 1, 5 and 10%
Sources Authors computation