Table 2 The bound test of nonlinear ARDL...

Table 2

The bound test of nonlinear ARDL

Model	Lag	F-stat	(Lower bound–upper bound) at significance level			Conclusion
Model	Lag	F-stat	10%	5%	1%	Conclusion
Full sample	NARDL (3, 2, 1, 4, 4)	2.14	2.20–3.09	2.56–3.49	3.29–4.37	Inconclusive
Subsample	NARDL (3, 4, 1, 4, 3)	3.56***	2.20–3.09	2.56–3.49	3.29–4.37	Cointegration

Model	Lag	F-stat	(Lower bound–upper bound) at significance level			Conclusion
Model	Lag	F-stat	10%	5%	1%	Conclusion
Full sample	NARDL (3, 2, 1, 4, 4)	2.14	2.20–3.09	2.56–3.49	3.29–4.37	Inconclusive
Subsample	NARDL (3, 4, 1, 4, 3)	3.56***	2.20–3.09	2.56–3.49	3.29–4.37	Cointegration

Note(s): *** = p ≤ 0.01, ** = p ≤ 0.05 and * = p ≤ 0.10

Source(s): Authors’ calculations

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