Table 8.

ARDL bounds test results

Model	F-Statistic	K	Critical values
$i_t=f({\pi }_t^e,dmlr,dmi)$			%	I(0)	I(1)
	7.10	3	10	2.72	3.77
			5	3.23	4.35
			1	4.29	5.61

K denotes the number of regressors