F-Bounds Test

Cointegration Status

Test Statistic

Critical Value

Significance Level

I (0) bound

I (1) bound

Model 1

F-statistic

K = 6

11.763

10%

2.12

3.13

Cointegrated

5%

2.45

3.61

1%

3.15

4.43

Model 2

F-statistic

K = 4

6.501

10%

2.45

3.52

Cointegrated

5%

2.86

4.01

1%

3.74

5.06