Results of the ARDL bounds cointegration
| Dependent variable | Independent variable | F-Stat. | Bounds | 10% | 5% | 1% |
|---|---|---|---|---|---|---|
| Price per hectare for NSW coastal farmland (PHCF) | Median non-strata price Central Coast [MNSP] | 6.83*** 6.83*** | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
| Median non-strata price Central Coast [MNSP] | Price per hectare for NSW coastal farmland (PHCF) | 2.98 2.98 | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
| Price per hectare for NSW coastal farmland (PHCF) | Median strata price Central Coast (MSP) | 15.30*** 15.30*** | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
| Median strata price Central Coast (MSP) | Price per hectare for NSW coastal farmland (PHCF) | 1.67 1.67 | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
| Dependent variable | Independent variable | Bounds | 10% | 5% | 1% | |
|---|---|---|---|---|---|---|
| Price per hectare for | Median non-strata price Central Coast [MNSP] | 6.83 | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
| Median non-strata price Central Coast [MNSP] | Price per hectare for | 2.98 2.98 | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
| Price per hectare for | Median strata price Central Coast ( | 15.30 | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
| Median strata price Central Coast ( | Price per hectare for | 1.67 1.67 | Lower bound Upper bound | 3.30 3.80 | 4.09 4.66 | 6.03 6.76 |
ARDL bounds cointegration test for each pair of variables. The null hypothesis is “there is no cointegration between the variables”. This test is rejected if the F-statistic is greater than the upper bound, which indicates cointegration. The null hypothesis is not rejected if the F-statistic is below the lower bound. If the F-statistic lies between the lower and upper bounds, then the system is undefined. The signs *, ** and *** denote the rejection of the tested hypothesis of no cointegration at the 10, 5 and 1% significance levels, respectively
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