Table 6.

Bound test results

Dependent variableF-statisticCritical F-statistic value at 1%Decision
Lower boundUpper bound
FLGDP(LGDP∖LEDG, LBDG, LINF,LTO, LSER, LP)23.6572.883.99Cointegration
FLGDP(LGDP∖LEDG, MEP, LSER,LP, LMD,)10.8433.064.15Cointegration
Source: Own calculations

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