TABLE 3.

Results of F-bound test.

Test statistic	Value	Signif.	I(0)	I(1)	Test statistics	Value	Signif.	I(0)	I(1)
SPR		10%	2.2	3.09	FTMR		10%	2.2	3.09
F-statistic	63.02410	5%	2.56	3.49	F-statistic	5.165881	5%	2.56	3.49
K	4	2.5%	2.88	3.87	K	4	2.5%	2.88	3.87
		1%	3.29	4.37			1%	3.29	4.37
NSR		10%	2.2	3.09	DAXR		10%	2.2	3.09
F-statistic	39.11238	5%	2.56	3.49	F-statistic	38.23325	5%	2.56	3.49
K	4	2.5%	2.88	3.87	K	4	2.5%	2.88	3.87
		1%	3.29	4.37			1%	3.29	4.37
IBER		10%	2.2	3.09	LSER		10%	2.2	3.09
F-statistic	5.490181	5%	2.56	3.49	F-statistic	14.03259	5%	2.56	3.49
K	4	2.5%	2.88	3.87	K	4	2.5%	2.88	3.87
		1%	3.29	4.37			1%	3.29	4.37

Source: Author’s calculation.