Bounds test for cointegration relationship
| Significance | Critical values | |||
|---|---|---|---|---|
| Model 2: TARR = f (ICT, FIND, ECG, INFR) | ||||
| I(0) | I(1) | |||
| F-Statistic | 9.115*** | 10% | 2.2 | 3.09 |
| k | 4 | 5% | 2.56 | 3.49 |
| 1% | 3.29 | 4.37 | ||
| Model 3: TREC = f (ICT, FIND, ECG, INFR) | ||||
| I(0) | I(1) | |||
| F-Statistic | 11.283*** | 10% | 2.2 | 3.09 |
| k | 4 | 5% | 2.56 | 3.49 |
| 1% | 3.29 | 4.37 | ||
| Significance | Critical values | |||
|---|---|---|---|---|
| I(0) | I(1) | |||
| 9.115*** | 10% | 2.2 | 3.09 | |
| k | 4 | 5% | 2.56 | 3.49 |
| 1% | 3.29 | 4.37 | ||
| I(0) | I(1) | |||
| 11.283*** | 10% | 2.2 | 3.09 | |
| k | 4 | 5% | 2.56 | 3.49 |
| 1% | 3.29 | 4.37 | ||
Note(s): k represents the number of independent variables and *** denotes 1% significance level
Source(s): Authors’ own computation
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