Outcomes of the ARDL bounds co-integration test
| Estimated models | F-stat | |
|---|---|---|
| FLnFS (LnFS| LnMPT, LnINT, LnCL, LnCF, LnDCR, LnFER, TEMP, LnEMP) | 3.700009** | |
| FLnMPT (LnMPT| LnFS, LnINT, LnCL, LnCF, LnDCR, LnFER, TEMP, LnEMP) | 5.600675*** | |
| FLnINT (LnINT| LnMPT, LnFS, LnCL, LnCF, LnDCR, LnFER, TEMP, LnEMP) | 11.63632*** | |
| FLnCL (LnCL| LnINT, LnMPT, LnFS, LnCF, LnDCR, LnFER, TEMP, LnEMP) | 1.529636 | |
| FLnCF (LnCF| LnCL, LnINT, LnMPT, LnFS, LnDCR, LnFER, TEMP, LnEMP) | 0.831888 | |
| FLnDCR (LnDCR| LnCF, LnCL, LnINT, LnMPT, LnFS, LnFER, TEMP, LnEMP) | 3.921303** | |
| FLnFER (LnFER| LnDCR, LnCF, LnCL, LnINT, LnMPT, LnFS, TEMP, LnEMP) | 3.417056* | |
| FTEMP (TEMP| LnFER, LnDCR, LnCF, LnCL, LnINT, LnMPT,LnFS, LnEMP) | 4.521249*** | |
| FLnEMP (LnEMP| TEMP, LnFER, LnDCR, LnCF, LnCL, LnINT,LnMBT, LnFS) | 2.102386 | |
| Levels of significance | I[0] Bound | I[1] Bound |
| 10% | 2.26 | 3.34 |
| 5% | 2.55 | 3.68 |
| 1% | 3.15 | 4.43 |
| Estimated models | ||
|---|---|---|
| 3.700009 | ||
| 5.600675 | ||
| 11.63632 | ||
| 1.529636 | ||
| 0.831888 | ||
| 3.921303 | ||
| 3.417056 | ||
| 4.521249 | ||
| 2.102386 | ||
| Levels of significance | I[0] Bound | I[1] Bound |
| 10% | 2.26 | 3.34 |
| 5% | 2.55 | 3.68 |
| 1% | 3.15 | 4.43 |
***(1%) statistically significant; **(5%) statistically significant; *(10%) statistically significant
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