Table 3.
ARDL bounds test for co-integration.
| Significant if | I(0) (lower bound) | I(1) (upper bound) |
|---|---|---|
| 1% | 2.046 | 2.808 |
| 2.50% | 1.950 | 2.694 |
| 5% | 1.572 | 2.274 |
| 10% | 1.356 | 2.010 |
| F-statistics | 5.202 |
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