Cointegration bound testing
| ARDL (1, 2, 2, 0, 2.0) | ||
| Critical value (Narayan, 2005) | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 4.849 | 6.511 |
| 5% | 3.353 | 4.500 |
| 10% | 2.831 | 3.879 |
| Critical value (Pesaran et al., 2001) | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 2.49 | 3.38 |
| 5% | 2.81 | 3.76 |
| 10% | 3.50 | 4.63 |
| Calculated F-Statistics = 7.28, k = 5 | ||
| ARDL (2,0,2,0,2.2) | ||
| Critical value (Narayan, 2005) | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 3.41 | 4.68 |
| 5% | 2.62 | 3.79 |
| 10% | 2.26 | 3.35 |
| Critical value (Pesaran et al., 2001) | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 3.06 | 4.15 |
| 5% | 2.39 | 3.38 |
| 10% | 2.08 | 3 |
| Calculated F-Statistics = 8.05, k = 5 | ||
| Critical value ( | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 4.849 | 6.511 |
| 5% | 3.353 | 4.500 |
| 10% | 2.831 | 3.879 |
| Critical value ( | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 2.49 | 3.38 |
| 5% | 2.81 | 3.76 |
| 10% | 3.50 | 4.63 |
| Calculated | ||
| Critical value ( | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 3.41 | 4.68 |
| 5% | 2.62 | 3.79 |
| 10% | 2.26 | 3.35 |
| Critical value ( | Lower bounds (I0) | Upper bounds (I1) |
| 1% | 3.06 | 4.15 |
| 5% | 2.39 | 3.38 |
| 10% | 2.08 | 3 |
| Calculated | ||
Note(s): Critical values are taken from Pesaran (2001) and Narayan's (2005) table: unrestricted intercept and no trend. K is the number of regressors
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