Bound tests results
| Models 1 and 2 | F-statistic | Upper bound | Lower bound | Remark |
|---|---|---|---|---|
| LNOWB/( LNSWB, LNHWB, LNTOUR, DUMMY) | 12.78* | 5.06 3.74 | Cointegration | |
| LNTOUR/( LNOWB, LNSWB, LNSWB, DUMMY) | 6.097* | 5.06 3.74 | Cointegration | |
| Models 1 and 2 | F-statistic | Upper bound | Lower bound | Remark |
|---|---|---|---|---|
| LNOWB/( LNSWB, LNHWB, LNTOUR, DUMMY) | 12.78 | 5.06 3.74 | Cointegration | |
| LNTOUR/( LNOWB, LNSWB, LNSWB, DUMMY) | 6.097 | 5.06 3.74 | Cointegration | |
Note:
*, ** and *** indicate cointegration at 1%, 5% and 10%
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