AARDL bounds cointegration test results | F-statistic | t-statistic | F*-statistic | |
---|---|---|---|---|
Specifications, all k = 5. Model k = 6 N = 37 |  |  |  |  |
1. Frgdp (lnrgdp| lnintrade, lnk, lnl, lnPcrd, lncrisis): ARDL (2,2,2,2,2,1) | 4.771b | − 3.977c |  | 5.9141b |
2. Frgdp (lnrgdp| lnexport, lnimport, lnk, lnl, lnPcrd, lncrisis): ARDL (2,2,2,2,2,1,1) | 8.5313a | − 6.706c |  | 9.7613b |
3. Frgdp (lnrgdp| lninflow, lnk, lnl, lnPcrd, lncrisis): ARDL (2,2,2,2,1,1) | 3.890c | − 3.657c |  | 4.071c |
4. Frgdp (lnrgdp| lntrade, lnk, lnl, lnPcrd, lncrisis*trade): ARDL (2,2,2,0,2,1) | 5.795a | − 4.043c |  | 6.668c |
5. Frgdp (lnrgdp| lnexport, lnk, lnl, lnPcrd, crisis, lncrisis*export): ARDL (2,2,2,2,1,1) | 5.744a | − 3.842c |  | 6.672a |
6. Frgdp (lnrgdp| lnixport, lnk, lnl, lnPcrd, crisis, lncrisis*import): ARDL (2,2,1,2,0,1) | 4.066b | − 3.234c |  | 3.541c |
7. Frgdp (lnrgdp| lninflow, lnk, lnl, lnPcrd, crisis, lncrisis*inflow): ARDL (2,2,2,2.1,1) | 4.399b | − 3.9634b |  | 3.991b |
Remark | Cointegtration | |||
The model selection ARDL is based on Akaike info criterion (AIC) | ||||
a,b, & c indicate significance at 1, 5 & 10% | ||||
Source of critical value: Pesaran etal. (2001) Appendix: Case I &V unrestricted intercept and no trend, Narayan(2005), Appendix: Case III unrestricted intercept and no trend Sam et al.(2019) Appendix: Case III unrestricted intercept and no trend |