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Cointegration tests’ results
| Bounds test | Engle-Granger test |
|---|---|
| 19.567*** | − 5.682** |
Bounds test stands for the Pesaran’s ARDL–based F test and Engle-Granger test stands for FMOLS–based Engle-Granger test. Triple asterisk and double asterisk stand for cointegration at 1% and 5% significance level, respectively. Since we have a small sample size in the Bounds test, we used Narayan (2005) critical values
