ARDL bounds test (H0: no long-run relationship)
| ARDL model selected | F-statistic | K | |||
|---|---|---|---|---|---|
| Model 1 | (1, 1, 1, 4, 1, 3) | 9.402*** | 5 | ||
| Model 2 | (1, 3, 2, 1, 1, 3) | 9.840*** | 5 | ||
| Model 3 | (1, 1, 1, 1, 2, 1) | 4.350*** | 5 | ||
| Model 4 | (1, 1, 2, 2, 1, 2) | 3.925** | 5 | ||
| Critical Values | 10% | 1.81 | 2.93 | ||
| 5% | 2.14 | 3.34 | |||
| 2.5% | 2.44 | 3.71 | |||
| 1% | 2.82 | 4.21 | |||
| ARDL model selected | K | ||||
|---|---|---|---|---|---|
| Model 1 | (1, 1, 1, 4, 1, 3) | 9.402*** | 5 | ||
| Model 2 | (1, 3, 2, 1, 1, 3) | 9.840*** | 5 | ||
| Model 3 | (1, 1, 1, 1, 2, 1) | 4.350*** | 5 | ||
| Model 4 | (1, 1, 2, 2, 1, 2) | 3.925** | 5 | ||
| Critical Values | 10% | 1.81 | 2.93 | ||
| 5% | 2.14 | 3.34 | |||
| 2.5% | 2.44 | 3.71 | |||
| 1% | 2.82 | 4.21 | |||
Note(s): ***, **, * represent 1%, 5 and 10% respectively
Source(s): Authors' own work
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