Table 3 Results of the Cointegration... | Emerald Publishing

Table 3

Results of the Cointegration bounds test

Dependent variable	Explanatory variables	Specification	F-statistic	95% critical bounds
Dependent variable	Explanatory variables	Specification	F-statistic	I(0)	I(1)
$∆ (G D P)$	$G, M, R E E R, P o i l$	ARDL (3,2,2,0,0)	12.09	3.32	4.33
$∆ (G D P)$	$G, M, {R E E R}^{+} {R E E R}^{-}, P o i l,$	NARDL (3,2,2,0,0,0)	11.31	3.08	4.15

Dependent variable	Explanatory variables	Specification	F-statistic	95% critical bounds
Dependent variable	Explanatory variables	Specification	F-statistic	I(0)	I(1)
$∆ (G D P)$	$G, M, R E E R, P o i l$	ARDL (3,2,2,0,0)	12.09	3.32	4.33
$∆ (G D P)$	$G, M, {R E E R}^{+} {R E E R}^{-}, P o i l,$	NARDL (3,2,2,0,0,0)	11.31	3.08	4.15

Note(s): The lower and upper bound critical values are obtained from Pesaran et al. (2001)