Table 3.

ARDL Bounds Test Results based on Regime Breakpoint.

Regime Breakpoint	ARDL Function			Case	Value (F-statistic)	Cointegration Status
Breakpoint 1	ARDL (1,1,2,1,0,0,0,0,0,0,1,1,1,1,1)			II	2.83***	Cointegrated
Breakpoint 2	ARDL (2,1,1,1,1,0,0,0,1,0,0,0,1,1)			II	2.90***	Cointegrated
Breakpoint 3	ARDL (1,0,0,0,0,0,2,2,1,1,2,2,2,2,0)			III	6.58*	Cointegrated
Breakpoint 4	ARDL (2,2,2,2,2,2,2,2,2,1,0,2,2,1,2)			II	5.09*	Cointegrated
Null Hypothesis: No long-run relationships exist (Case II, III)
	1%		5%		10%
Case	$I\left(0\right)$	$I\left(1\right)$	$I\left(0\right)$	$I\left(1\right)$	$I\left(0\right)$	$I\left(1\right)$
II	2.41	3.61	1.98	3.04	1.76	2.77
III	2.54	3.86	2.06	3.24	1.83	2.94

Source: Computed critical values from Pesaran et al. (2001). Note: for all p-values: * 1% significance level; ** 5% significance level; *** 10% significance level.