Table 2. Results of the ARDL bounds test.
| Part A | ||||
| Eq. | Model | Selected ARDL Model | F-stat. | Cointegrated |
| 3 | lnCE/f(lnPC,lnPCS,lnEU,lnFD,lnGX) | (1, 0, 0, 0, 1, 0) | 3.99b | Yes |
| 4 | lnPC/f(lnCE,lnPCS,lnEU,lnFD,lnGX) | (1, 1, 1, 0, 0, 1) | 9.81a | Yes |
| 5 | lnPCS/f(lnCE,lnPC,lnEU,lnFD,lnGX) | (1, 1, 1, 0, 0, 1) | 9.72a | Yes |
| 6 | lnEU/f(lnCE,lnPC,lnPCS,lnFD,lnGX) | (1, 0, 0, 0, 0, 0) | 1.11 | No |
| 7 | lnFD/f(lnCE,lnPC,lnPCS,lnEU,lnGX) | (1, 0, 1, 0, 1, 1) | 3.68c | Yes |
| 8 | lnGX/f(lnCE,lnPC,lnPCS,lnPCS,lnFD) | (1, 0, 0, 1, 0, 1) | 3.61c | Yes |
| Part B | ||||
| Critical Value Bounds | ||||
| Lower Bound | Upper Bound | Significance | ||
| 2.26 | 3.35 | 10% | ||
| 2.62 | 3.79 | 5% | ||
| 2.96 | 4.18 | 2.5% | ||
| 3.41 | 4.68 | 1% | ||
a, b, and c show significance at the 1, 5, and 10% levels, respectively.