Table 4.
The results of ARDL Bounds test
| Calculated values | F-statistic: 5.715 | t-statistic: -8.189 | ||||
|---|---|---|---|---|---|---|
| Critical values | 1% | 5% | 10% | 1% | 5% | 10% |
| Lower bound I(0) | 2.96 | 2.32 | 2.03 | -3.43 | -2.86 | -5.19 |
| Upper bound I(1) | 4.26 | 3.50 | 3.13 | -5.19 | -4.57 | -4.23 |
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