Table 9 Bounds test results using...

Table 9

Bounds test results using asymptotic and bootstrap critical values

	F-statistic for NARDL model (1) using market-based inflation expectations	F-statistic for NARDL model (2) using survey-based inflation expectations
GBPCAD	14.6989***	22.8373***
GBPAUD	0.7892	3.4263**
GBPNZD	4.8728***	4.4447***
GBPSEK	9.6628***	6.3136***
CADAUD	4.8838***	4.8838***
CADNZD	0.0236	0.1111
CADSEK	4.6149***	3.9070**
AUDNZD	19.7235***	17.9692***
AUDSEK	7.0785***	6.4219***
NZDSEK	0.0722	12.3972***

	F-statistic for NARDL model (1) using market-based inflation expectations	F-statistic for NARDL model (2) using survey-based inflation expectations
GBPCAD	14.6989***	22.8373***
GBPAUD	0.7892	3.4263**
GBPNZD	4.8728***	4.4447***
GBPSEK	9.6628***	6.3136***
CADAUD	4.8838***	4.8838***
CADNZD	0.0236	0.1111
CADSEK	4.6149***	3.9070**
AUDNZD	19.7235***	17.9692***
AUDSEK	7.0785***	6.4219***
NZDSEK	0.0722	12.3972***

Note(s): Asymptotic critical values: 10%: 3.09, 5%: 3.49, 1%: 4.37

Bootstrap critical values: 10%: 2.85, 5%: 3.15, 1%: 3.77

*** significant at 1% level; ** significant at 5% level; * significant at 10% level

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