| Model | LogL | AIC | BIC | HQC | Adj. R-sq | Specification |
| 39 | −87.099 | 3.422 | 3.677 | 3.521 | 0.821 | ARDL (1, 3) | 38 | −86.555 | 3.438 | 3.730 | 3.551 | 0.820 | ARDL (1, 4) | 32 | −87.018 | 3.455 | 3.747 | 3.568 | 0.817 | ARDL (2, 3) | 31 | −86.253 | 3.464 | 3.792 | 3.591 | 0.818 | ARDL (2, 4) | 37 | −86.522 | 3.474 | 3.802 | 3.601 | 0.817 | ARDL (1, 5) | 24 | −85.817 | 3.484 | 3.849 | 3.625 | 0.817 | ARDL (3, 4) | 25 | −86.999 | 3.491 | 3.819 | 3.618 | 0.813 | ARDL (3, 3) | 30 | −86.155 | 3.497 | 3.862 | 3.638 | 0.815 | ARDL (2, 5) | 23 | −85.410 | 3.506 | 3.907 | 3.661 | 0.816 | ARDL (3, 5) | 36 | −86.480 | 3.508 | 3.873 | 3.650 | 0.813 | ARDL (1, 6) | 17 | −85.710 | 3.517 | 3.918 | 3.672 | 0.814 | ARDL (4, 4) | 16 | −84.816 | 3.521 | 3.959 | 3.690 | 0.816 | ARDL (4, 5) | 15 | −83.961 | 3.526 | 4.000 | 3.709 | 0.817 | ARDL (4, 6) | 18 | −86.984 | 3.527 | 3.892 | 3.668 | 0.809 | ARDL (4, 3) | 29 | −86.083 | 3.530 | 3.932 | 3.686 | 0.811 | ARDL (2, 6) | 22 | −85.148 | 3.533 | 3.971 | 3.702 | 0.813 | ARDL (3, 6) | 40 | −91.205 | 3.535 | 3.754 | 3.619 | 0.796 | ARDL (1, 2) | 10 | −85.207 | 3.535 | 3.973 | 3.704 | 0.813 | ARDL (5, 4) | 9 | −84.646 | 3.551 | 4.025 | 3.734 | 0.812 | ARDL (5, 5) | 2 | −83.835 | 3.558 | 4.069 | 3.755 | 0.813 | ARDL (6, 5) | 3 | −84.842 | 3.558 | 4.032 | 3.741 | 0.811 | ARDL (6, 4) | 11 | −86.872 | 3.559 | 3.960 | 3.714 | 0.806 | ARDL (5, 3) | 8 | −83.949 | 3.562 | 4.073 | 3.759 | 0.813 | ARDL (5, 6) | 33 | −91.096 | 3.567 | 3.823 | 3.666 | 0.792 | ARDL (2, 2) | 1 | −83.465 | 3.581 | 4.128 | 3.792 | 0.811 | ARDL (6, 6) | 4 | −86.513 | 3.582 | 4.020 | 3.752 | 0.804 | ARDL (6, 3) | 26 | −90.783 | 3.592 | 3.884 | 3.705 | 0.790 | ARDL (3, 2) | 41 | −94.056 | 3.602 | 3.785 | 3.673 | 0.778 | ARDL (1, 1) | 34 | −93.569 | 3.621 | 3.840 | 3.705 | 0.778 | ARDL (2, 1) | 19 | −90.680 | 3.625 | 3.953 | 3.752 | 0.787 | ARDL (4, 2) | 27 | −93.562 | 3.657 | 3.912 | 3.756 | 0.773 | ARDL (3, 1) | 12 | −90.592 | 3.658 | 4.023 | 3.799 | 0.783 | ARDL (5, 2) | 42 | −97.098 | 3.676 | 3.822 | 3.733 | 0.757 | ARDL (1, 0) | 5 | −90.228 | 3.681 | 4.082 | 3.836 | 0.781 | ARDL (6, 2) | 20 | −93.506 | 3.691 | 3.983 | 3.804 | 0.769 | ARDL (4, 1) | 35 | −97.092 | 3.712 | 3.895 | 3.783 | 0.752 | ARDL (2, 0) | 13 | −93.463 | 3.726 | 4.054 | 3.853 | 0.764 | ARDL (5, 1) | 28 | −97.092 | 3.749 | 3.968 | 3.833 | 0.747 | ARDL (3, 0) | 6 | −93.242 | 3.754 | 4.119 | 3.895 | 0.761 | ARDL (6, 1) | 21 | −97.054 | 3.784 | 4.039 | 3.883 | 0.742 | ARDL (4, 0) | 14 | −97.053 | 3.820 | 4.112 | 3.933 | 0.737 | ARDL (5, 0) | 7 | −96.216 | 3.826 | 4.155 | 3.953 | 0.739 | ARDL (6, 0) | 39 | −87.099 | 3.422 | 3.677 | 3.521 | 0.821 | ARDL (1, 3) | 38 | −86.555 | 3.438 | 3.730 | 3.551 | 0.820 | ARDL (1, 4) | 32 | −87.018 | 3.455 | 3.747 | 3.568 | 0.817 | ARDL (2, 3) | 31 | −86.253 | 3.464 | 3.792 | 3.591 | 0.818 | ARDL (2, 4) | 37 | −86.522 | 3.474 | 3.802 | 3.601 | 0.817 | ARDL (1, 5) | 24 | −85.817 | 3.484 | 3.849 | 3.625 | 0.817 | ARDL (3, 4) | 25 | −86.999 | 3.491 | 3.819 | 3.618 | 0.813 | ARDL (3, 3) | 30 | −86.155 | 3.497 | 3.862 | 3.638 | 0.815 | ARDL (2, 5) | 23 | −85.410 | 3.506 | 3.907 | 3.661 | 0.816 | ARDL (3, 5) | 36 | −86.480 | 3.508 | 3.873 | 3.650 | 0.813 | ARDL (1, 6) | 17 | −85.710 | 3.517 | 3.918 | 3.672 | 0.814 | ARDL (4, 4) | 16 | −84.816 | 3.521 | 3.959 | 3.690 | 0.816 | ARDL (4, 5) | 15 | −83.961 | 3.526 | 4.000 | 3.709 | 0.817 | ARDL (4, 6) | 18 | −86.984 | 3.527 | 3.892 | 3.668 | 0.809 | ARDL (4, 3) |
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