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Assessment of Equilibrium Housing Prices in Penang After the Global Financial Crisis

Table 1: ARDL cointegration results

Model: ARDL (6, 1, 4, 1, 1) 
Bounds test-F-statistics 9.0633
Long-run: Coefficient Probability
BC 3.3318 0.0195
INF -0.0685 0.2192
OPR 0.2796 0.2092
SD 0.0419 0.0147
Constant -10.8273 0.0683
Short-run: Coefficient Probability
BC 0.5950 0.1056
INF 0.0005 0.7889
OPR -0.0259 0.1567
SD 0.0022 0.0004
ECT -0.0282 0.0000
Diagnostic Test
Heteroskedasticity Test 0.1389
Serial correlation, LM 0.0654
Normalilty Test, Jarque-Bera 31.399  
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