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Table 6 Short-run parameters and the speed of adjustment.

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

\({\text{Dependent}}\,{\text{variable:}} \log {\text{RGDP}}\)

\({\text{Selected}}\,{\text{model: ARDL}}\left( {1, 2, 0, 0, 0, 0, 2} \right)\)

\({\text{Cointegrating}}\,{\text{form}}\)

Variable

Coefficient

SE

t statistic

Prob.

\(D\left( {\log {\text{RGCF}}} \right)\)

− 0.010106

0.060996

− 0.165688

0.8702

\(D\left( {\log {\text{RGCF}}\left( { - 1} \right)} \right)\)

0.196785

0.067095

2.932922

0.0089*

\(D\left( {{\text{CPS}} \left( {\% {\text{GDP}}} \right)} \right)\)

0.005711

0.006792

0.840821

0.4115

\(D\left( {{\text{TRADE}}\left( {\% {\text{GDP}}} \right)} \right)\)

− 0.001128

0.001120

− 1.007096

0.3272

\(D\left( {M_{2} \left( {\% {\text{GDP}}} \right)} \right)\)

− 0.004978

0.006435

− 0.773634

0.4492

\(D\left( {\log {\text{CPI}}} \right)\)

0.000599

0.000585

1.024949

0.3190

\(D\left( {\text{POPG}} \right)\)

7.422624

2.057226

3.608073

0.0020*

\(D\left( {{\text{POPG}}\left( { - 1} \right)} \right)\)

− 7.035549

1.842623

− 3.818225

0.0013*

\(D(@{\text{TREND}}())\)

0.028699

0.005876

4.883939

0.0001*

\({\text{ECM}}\left( { - 1} \right)\)

− 0.523384

0.168777

− 3.101032

0.0062*

  1. \(\begin{aligned} & {\text{Cointeq}} = {\text{LRGDP}} - ( - 0.4392*{\text{LK}} + 0.0109*{\text{CPSRGDP}} - 0.0022 \\ & \quad *{\text{TRAGDP}} - 0.0095*M_{2} {\text{GDP}} + 0.0011*{\text{LCPI}} + 3.0175*{\text{POPG}} \\ & \quad + 34.9421 + 0.0548 *@{\text{TREND}} ) \\ \end{aligned}\)
  2. *,**,*** represents 1%, 5% and 10% respectively