Table 3: Long-run coefficients based ARDL models.

RegressorCoefficient

Malaysia: ARDL(1, 0) based SIC
Dependent variable:
−2.8129
1.5779
−0.4129
1.4256
The Philippines: ARDL(1, 0) based SIC
Dependent variable:
2.6590
11.0745
−1.9198
2.8879
Singapore: ARDL(1, 0) based SIC
Dependent variable:
−0.7291
0.7340
−3.2690
1.5280

Notes: Figures in ( ) and indicate numbers of lag structures selected based on the lowest SIC and the estimated standard errors. The models were estimated using Microfit 4.1. All variables are transformed into logarithms .