Table 6.

Results of the ARDL bound test.

Estimation model	k	F-Statistics (Value)	Level of significance	Critical bound F-statistics Lower Upper
			Asymptotic: n = 1000
F-statistic	6	14.564	10 %	1.98	2.95
			5 %	2.27	3.28
			2.5 %	2.55	3.61
			1 %	2.88	3.99
Actual Sample Size (192)			Finite Sample: n = 80
			10 %	2.088	3.103
			5 %	2.431	3.518
			1 %	3.173	4.485

Null Hypothesis: No levels of relationship.