MODEL | ARDL | F-STAT | Critical Values | |||||
10% | 5% | 1% | ||||||
Lower Bound | Upper Bound | Lower Bound | Upper Bound | Lower Bound | Upper Bound | |||
(1) | (11112) | 4.870 | 2.26 | 3.35 | 2.62 | 3.79 | 3.41 | 4.68 |
(2) | (1111222) | 6.409 | 2.12 | 3.23 | 2.45 | 3.61 | 3.15 | 4.43 |
(3) | (11114221) | 5.762 | 2.03 | 3.13 | 2.32 | 3.50 | 2.96 | 4.26 |