ARDL Bounds Test

Sample: 8 112

Included observations: 102

Null Hypothesis: No long-run relationships exist

Test Statistic

Value

k

F-statistic

6.703127

4

Critical Value Bounds

Significance

I0 Bound

I1 Bound

10%

2.45

3.52

5%

2.86

4.01

2.5%

3.25

4.49

1%

3.74

5.06