Table 6.
Linear ARDL model: Bounds test for co-integration analysis: Stock and gold.
| Market Phase | F-statistic | Critical Value Bounds | ||
|---|---|---|---|---|
| Significance | I0 Bound | I1 Bound | ||
| Bear | 13.116 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bull | 173.971 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bear | 20.552 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bull | 569.014 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bear | 126.256 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bull | 363.459 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bear | 7.108 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bull | 63.443 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bear | 76.687 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bull | 128.848 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bear | 122.806 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bull | 73.313 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bear | 107.687 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bull | 44.490 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||
| Bear | 67.332 | 10% | 4.040 | 4.780 |
| 5% | 4.940 | 5.730 | ||
| 1% | 6.840 | 7.840 | ||