Table 10.
Nonlinear ARDL model: Bounds test for co-integration analysis: Stock and gold.
| Market Phase | F-statistic | Critical Value Bounds | ||
|---|---|---|---|---|
| Significance | I0 Bound | I1 Bound | ||
| Bear | 9.770 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bull | 253.139 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bear | 13.647 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bull | 379.963 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bear | 82.582 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bull | 240.823 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bear | 6.478 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bull | 41.286 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bear | 7.774 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bull | 86.292 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bear | 77.350 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bull | 50.040 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bear | 70.803 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bull | 35.995 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||
| Bear | 47.743 | 10% | 3.170 | 4.140 |
| 5% | 3.790 | 4.850 | ||
| 1% | 5.150 | 6.360 | ||