Table 5 Bounds test results Panel A F...

Table 5

Bounds test results

Panel A F-test for ARDL models			Panel B F-test results for the NARDL models
Cointegration hypotheses	F-stat	Result	Cointegration hypotheses	F-stat	Result
F(CCI/GU,FS,S)	2.10	No cointegration	$F (CCI / {GU}^{+}, {GU}^{-}, {FS}^{+}, {FS}^{-}, S^{+}, S^{-})$	7.07	Cointegration
F(GU/CCI,FS,S)	2.84		$F (GU / {CCI}^{+}, {CCI}^{-}, {FS}^{+}, {FS}^{-}, S^{+}, S^{-})$	5.58	Cointegration
F(FS/CCI,GU,S)	1.67		$F (FS / {CCI}^{+}, {CCI}^{-}, {GU}^{+}, {GU}^{-}, S^{+}, S^{-})$	2.86	No cointegration
F(S/CCI,GU,FS)	0.83		$F (S / {CCI}^{+}, {CCI}^{-}, {FS}^{+}, {FS}^{-}, {GU}^{+}, {GU}^{-})$	2.71	No cointegration

Panel AF-test for ARDL models			Panel BF-test results for the NARDL models
Cointegration hypotheses	F-stat	Result	Cointegration hypotheses	F-stat	Result
F(CCI/GU,FS,S)	2.10	No cointegration	$F (CCI / {GU}^{+}, {GU}^{-}, {FS}^{+}, {FS}^{-}, S^{+}, S^{-})$	7.07	Cointegration
F(GU/CCI,FS,S)	2.84		$F (GU / {CCI}^{+}, {CCI}^{-}, {FS}^{+}, {FS}^{-}, S^{+}, S^{-})$	5.58	Cointegration
F(FS/CCI,GU,S)	1.67		$F (FS / {CCI}^{+}, {CCI}^{-}, {GU}^{+}, {GU}^{-}, S^{+}, S^{-})$	2.86	No cointegration
F(S/CCI,GU,FS)	0.83		$F (S / {CCI}^{+}, {CCI}^{-}, {FS}^{+}, {FS}^{-}, {GU}^{+}, {GU}^{-})$	2.71	No cointegration

Note(s): The critical values of ARDL model (Panel A) at 1% and 5% level respectively is 4.29–5.61 and 3.23–4.35 respectively. For Panel B the critical values for the NARDL model for 5% and 1% is 2.45–3.61 and 3.15–4.43 respectively

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