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| F-Statistic | Critical Value | Lower Bound Value | Upper Bound Value | Conclusion |
|---|---|---|---|---|
| 4.306 | 1% | 3.41 | 4.68 | Cointegration |
| 2.5% | 2.96 | 4.18 | ||
| 5% | 2.62 | 3.79 | ||
| 10% | 2.26 | 3.35 |
The lag lengths applied in testing the model were selected based on Akaike’s information criteria(AIC) and resulted in ARDL (1,1,2,1,2,1) models. The calculated F-statistics of the bound tests are compared with the critical values obtained from Persaran [39] for k = 6.
