Table 8.
The results of the ARDL bounds test for the model Romania and COVID-19 (Italy).
| Null Hypothesis: No Long-Run Relationships Exist | F-Statistic | |
| The number of new cases in Italy due to COVID-19 | ||
| BET_R | 21.68051 | |
| RO_BOND | 7.294209 | |
| The number of new deaths in Italy due to COVID-19 | ||
| BET_R | 18.94637 | |
| RO_BOND | 5.32708 | |
| Critical Value Bounds | ||
| Significance | I0 Bound | I1 Bound |
| 10% | 2.03 | 3.13 |
| 5% | 2.32 | 3.5 |
| 2.50% | 2.6 | 3.84 |
| 1% | 2.96 | 4.26 |
Source: authors’ own calculations. Notes: for the definition of variables, please see Table 1.