Modelling financial openness growth-nexus in Nigeria: evidence from bounds testing to cointegration approach

Future Business Journal

Table 4 ARDL model.

\({\text{Dependent}}\,{\text{variable:}} \log {\text{RGDP}}\) \({\text{Method:}}\,{\text{ARDL}}\) \({\text{Number}}\,{\text{of}}\,{\text{models }}\,{\text{evalulated:}}\, 1458\) \({\text{Selected}}\,{\text{model:}} \,{\text{ARDL}}\left( {1, 2, 0, 0, 0, 0, 2} \right)\)
Variable	Coefficient	SE	t statistic	Prob.*
\(\log {\text{RGDP}}\left( { - 1} \right)\)	0.476616	0.168777	2.823938	0.0112**
\(\log {\text{RGCF}}\)	− 0.010106	0.060996	− 0.165688	0.8702
\(\log {\text{RGCF}}\left( { - 1} \right)\)	− 0.022971	0.054456	− 0.421821	0.6782
\(\log {\text{RGCF}}\left( { - 2} \right)\)	− 0.196785	0.067095	− 2.932922	0.0089*
\({\text{CPS}} \left( {\% {\text{GDP}}} \right)\)	0.005711	0.006792	0.840821	0.4115
\({\text{TRADE}}\left( {\% {\text{GDP}}} \right)\)	− 0.001128	0.001120	− 1.007096	0.3272
\(M_{2} \left( {\% {\text{GDP}}} \right)\)	− 0.004978	0.006435	− 0.773634	0.4492
\(\ln {\text{CPI}}\)	0.000599	0.000585	1.024949	0.3190
\({\text{POPG}}\)	7.422624	2.057226	3.608073	0.0020*
\({\text{POPG}}\left( { - 1} \right)\)	− 12.87886	3.524206	− 3.654400	0.0018*
\({\text{POPG}}\left( { - 2} \right)\)	7.035549	1.842623	3.818225	0.0013*
\(C\)	18.28812	4.003935	4.567537	0.0002*
\(@{\text{TREND}}\)	0.028699	0.005876	4.883939	0.0001*