ARDL model (robustness check)
| Estimated ARDL model | Optimal lag length | F-statistics | Lower bound critical value at 5% level | Upper bound critical value at 5% level | Inference |
|---|---|---|---|---|---|
| f(Tt/IPt, EMt, CPIt, EPUt, EXt, GPRt) | (2,0,2,2,1,2) | 7.60* | 4.24 | 5.07 | Cointegration |
| f(IPt/Tt, EMt, CPIt, EPUt, EXt, GPRt) | (2,1,2,2,2,0) | 12.01* | 4.24 | 5.07 | Cointegration |
| Estimated ARDL model | Optimal lag length | F-statistics | Lower bound critical value at 5% level | Upper bound critical value at 5% level | Inference |
|---|---|---|---|---|---|
| f( | (2,0,2,2,1,2) | 7.60* | 4.24 | 5.07 | Cointegration |
| f( | (2,1,2,2,2,0) | 12.01* | 4.24 | 5.07 | Cointegration |
Note:
(*) Shows rejection of the null of no cointegration hypothesis at 5% level of significance
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