Table 1.
Unit Root Tests
| At level | ||
|---|---|---|
| Variable | Phillips Perron (PP) | Dickey-Fuller (ADF) |
| LnGDPG | 0.091 | 0.091 |
| LnPOP | 0.028** | 0.022** |
| LnGILFP | 0.764 | 0.000*** |
| LnGIE | 0.626 | 0.003*** |
| At 1st difference | ||
| LnGDPG | 0.0001*** | 0.0002*** |
| LnPOP | 0.0005*** | 0.083 |
| LnGILFP | 1.0000 | 0.046*** |
| LnGIE | 0.691 | 0.039*** |
Table 2.
ARDL Bound testing
| ARDL Bound Testing Approach | ||||||
|---|---|---|---|---|---|---|
| Dependent Variable GDPG ARDL (3.3.3.3.2) | ||||||
| F-Statistics | Critical values | |||||
| 8.590 | 0.10 | 0.5 | 0.01 | |||
| I(0) | I(1) | I(0) | I(1) | I(0) | I(1) | |
| 2.676 | 3.586 | 3.272 | 4.306 | 4.614 | 5.966 | |
Table 3.
Long–Run Relationships
| ARDL Long Run Results ARDL (3.3.3.3) Dependent Variable LGDPG Period 2000–2022 | |||
|---|---|---|---|
| Variable | Co-efficient | Standard-error | (prob) |
| LnGILFP | −16.67304 | 2.748939 | 0.0037 |
| LnGIE | −9.038668 | 1.173604 | 0.0015 |
| LnPOP | −1.335717 | 0.395632 | 0.0279 |
| C | 15.37451 | 2.967908 | 0.0066 |
Table 4.
Error Correction Model
| Variables | Coefficient | Std. Error | t-Statistic | Prob |
|---|---|---|---|---|
| D(LnGDPG(-1)) | 0.311192 | 0.089635 | 3.471768 | 0.0255 |
| D(LnGDPG(-2)) | 0.091139 | 0.069682 | 1.307936 | 0.2610 |
| D(LnGILFP) | −12.43964 | 1.078531 | −11.53388 | 0.0003 |
| D(LnGILFP (-1)) | 50.08634 | 4.063019 | 12.32737 | 0.0002 |
| D(LnGILFP (-2) | 28.66635 | 7.551296 | 3.796216 | 0.0192 |
| D(LnGIE) | −15.15212 | 1.151973 | −13.15318 | 0.0002 |
| D(LnGIE(-1) | 11.21373 | 1.497984 | 7.485880 | 0.0017 |
| D(LnGIE(-2) | 13.93689 | 2.783959 | 5.006140 | 0.0075 |
| D(LnPOP) | −1.533764 | 0.270269 | −5.674956 | 0.0048 |
| D(LnPOP(-1) | 1.267662 | 0.177016 | 7.161286 | 0.0020 |
| D(LnPOP(-2) | 0.490153 | 0.253896 | 1.930526 | 0.1257 |
| CointEq(-1)* | −0.942104 | 0.209542 | −9.268318 | 0.0008 |
| R2 = 0.92 Prob(F-statistic) = 0.0005 | R2 = 0.88 | DW = 2. 89 | ||