Table 6.

ARDL bounds test analysis

Test statistics	Value	K	${\mathit{H}}_0$	${\mathit{H}}_1$
F-statistics	14.684	9	No level relationship	Relationship exists
t-statistics	-10.032
Kripfganz & Schneider (2018) critical values and approximate p-values y
Significance	F-statistics		t-statistics p-value F
	1(0)	1(1)	1(0)	1(1)	1(0)	1(1)
10%	2.63	3.61	-2.88	-4.51	0.000***	0.000***
5%	2.73	3.85	-2.35	-4.46	p-value t
1%	3.97	4.25	-3.94	-4.58	0.000***	0.002**

*, ** and *** respectively represent statistical significance at 10%, 5% and 1% levels. The respective significance levels suggest the rejection of the null hypothesis of no cointegration. The optimal lag length on each variable is chosen by the Schwarz's Bayesian information criterion (SBIC)