ARDL bounds cointegration test and error correction term results
| F-bounds test (60.928) Ho: No cointegration | 1.95 | 3.06 | 2.22 | 3.39 | 2.48 | 3.70 | 2.79 | 4.10 | Cointegration confirmed |
| Test-statistic (−14.150) (EC term) | −2.57 | −4.40 | −2.86 | −4.72 | −3.13 | −5.02 | −3.43 | −5.37 | Long–run adjustment confirmed |
| 1.95 | 3.06 | 2.22 | 3.39 | 2.48 | 3.70 | 2.79 | 4.10 | Cointegration confirmed | |
| Test-statistic (−14.150) (EC term) | −2.57 | −4.40 | −2.86 | −4.72 | −3.13 | −5.02 | −3.43 | −5.37 | Long–run adjustment confirmed |
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