Table 10 CS-ARDL results

Long-run results

NR

− 0.56 (− 4.52)^a

0.23 (3.81)^a

FD (log)

0.04 (5.67)^a

0.45 (8.54)^a

UB

0.78 (3.24)^a

− 0.08 (− 6.87)^a

GB (log)

− 0.01 (− 2.02)^b

0.76 (5.34)^a

BI (log)

0.34 (4.76)^a

− 0.37 (− 2.12)^b

HD (log)

1.06 (3.05)^a

–

EF (log)

–

0.16 (5.25)^a

Short-run results

NR

0.18 (3.67)^a

− 0.65 (3.24)^a

FD (log)

0.06 (1.43)

0.21 (1.03)

UB

1.23 (1.18)

− 0.39 (− 2.22)^b

GB (log)

− 0.25 (− 2.24)^b

0.04 (3.39)^a

BI (log)

1.67 (3.87)^a

− 0.34 (− 1.57)

HD (log)

0.13 (7.23)^a

–

EF (log)

–

− 1.52 (− 7.25)^a

ECT(− 1)

− 0.73 (− 4.56)^a

− 0.84 (− 6.73)^a