Table 2: ARDL bounds test.

CountryEquation: ARDL -StatisticDiagnostic test

MalaysiaARDL(0, 3): (AFDI∣RER)5.5317**

The PhilippinesARDL(0, 0): (AFDI∣RER)4.3418*

ThailandARDL(0, 0): (AFDI∣RER)0.7247

SingaporeARDL(0, 0): (AFDI∣RER)4.3578*

Notes: ***, **, and * denote significant and rejected at the 1%, 5%, and 10% levels, respectively. Figures in ( ) indicate numbers of lag structures selected based on the lowest SIC. The models were estimated using Microfit 4.1. All variables are transformed into logarithms .