Results of the ARDL bounds cointegration for the DOLS model
| Dependent variable | Independent variables | F-stat. | Bounds | 10% | 5% | 1% |
|---|---|---|---|---|---|---|
| Price per hectare for NSW coastal farmland (PHCF) | Cash rate (CR), estimated resident population (ERP), median annual regional income (MRI) | 4.94**4.94** | Lower bound Upper bound | 2.67 3.35 | 3.27 4.31 | 4.61 5.97 |
| Median non-strata price central coast [MNSP] | Cash rate (CR), estimated resident population [ERP], median annual regional income [MRI] | 5.77**5.77** | Lower bound Upper bound | 2.67 3.35 | 3.27 4.31 | 4.61 5.97 |
| Median strata price central coast [MSP] | Cash rate [CR], estimated resident population (ERP), median annual regional income (MRI) | 4.22 * 4.22* | Lower bound Upper bound | 2.67 3.35 | 3.27 4.31 | 4.61 5.97 |
| Dependent variable | Independent variables | Bounds | 10% | 5% | 1% | |
|---|---|---|---|---|---|---|
| Price per hectare for | Cash rate ( | 4.94 | Lower bound Upper bound | 2.67 3.35 | 3.27 4.31 | 4.61 5.97 |
| Median non-strata price central coast [MNSP] | Cash rate ( | 5.77 | Lower bound Upper bound | 2.67 3.35 | 3.27 4.31 | 4.61 5.97 |
| Median strata price central coast [MSP] | Cash rate [CR], estimated resident population ( | 4.22 | Lower bound Upper bound | 2.67 3.35 | 3.27 4.31 | 4.61 5.97 |
ARDL bounds cointegration test for each of the DOLS estimation in equation (5). 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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