| Panel I: NARDL long-run results |
| Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
COVID-19+S
|
-0.003** |
0.001 |
-2.252 |
0.027 |
|
COVID-19-S
|
-0.026* |
0.008 |
-3.095 |
0.003 |
| Constant |
3574.202 |
139.623 |
25.599 |
0.000 |
| Panel II: NARDL short-run result |
|
|
|
|
|
|
D(COVID-19+S)
|
-0.013*** |
0.007 |
-1.717 |
0.090 |
|
D(COVID-19-S)
|
0.032* |
0.010 |
3.218 |
0.002 |
|
ECTt-1
|
-0.532 |
0.110 |
-4.859 |
0.000 |
| Panel II: Model adequacy test |
|
R2
|
0.35 |
χ2Normality
|
0.733[0.693] |
|
|
χ2Serial
|
0.600[0.552] |
D-W stat
|
2.011 |
|
| Asymmetry LR |
8.696[0.001] |
Asymmetry SR |
0.171[0.680] |
|