A Study of the Effect of Inflation and Exchange Rate on Stock Market Returns in Ghana

Table 5

Error correction representation of the selected ARDL model: ARDL (1, 1, 0) selected by Schwarz Bayesian Criterion.

Regressor	Coefficient	Standard error	-Ratio	value
(inflation)	0.0235	0.1239	1.8420	0.670
(exchange rate)	−0.0365	0.1419	−2.5780	0.002
ECM (−1)	−0.0437	0.0281	−2.3240	0.015