ADL

No IV^{a}

IV14

IV15

IV16

IV17

IV18

IV19

IV20

IV21

IV22

IV23

IV24


FMEX1

−0.0338

−
0.0693

−0.0525

−0.0346

−0.0400

−0.0309

−0.0281

−0.0262

−0.0178

−0.0334

−0.0094

0.0050

−4.212

−0.977

−0.729

−0.488

−0.567

−0.410

−0.360

−0.269

−0.147

−0.284

−0.0489

0.0185

FMEX2

−0.0333

−
0.0705

−0.0531

−0.0351

−0.0401

−0.0309

−0.0281

−0.0268

−0.0193

−0.0355

−0.0132

−0.0012

−4.179

−1.015

−0.755

−0.507

−0.585

−0.426

−0.375

−0.292

−0.170

−0.325

−0.076

−0.005

FMEX3

−0.0441

−0.0436

−0.0326

−0.0175

−0.0227

−0.0140

−0.0114

−0.0061

−0.0037

−0.0184

0.0050

0.0118

−4.372

−0.478

−0.343

−0.188

−0.244

−0.143

−0.111

−0.049

−0.027

−0.137

0.025

0.049


^{a}Critical values for the ADL model without IVs are based on the t statistic bounds test (unrestricted intercept, no trend) of Pesaran et al. (2001). A t statistic smaller than the I(1) bound of −3.53 (−4.10) indicates significance at the 5% (1%) level. The coefficient italicized in bold font is from the equation that minimizes the sum of the squared residuals