Table 4 ARDL bounds testing approach

\(FP=f(Y, MS, EX, GF, NFG, AW)\)

(2, 0, 0, 1, 0, 0, 0

4.155**

\(Y=f(FP, MS, EX, GF, NFG,A W)\)

(2, 2, 0, 1, 1, 0, 0)

11.043***

\(MS=f(FP, Y, EX, GF, NFG, AW)\)

(2, 0, 0, 1, 0, 0, 0)

10.239**

\(EX=f(FP, Y,MS, GF, NFG, AW)\)

(2, 0, 0, 1, 0, 0, 1)

3.015

\(GF=f(FP, Y,MS, EX, NFG, AW)\)

(2, 0, 2, 0, 0, 0, 0)

3.335

\(NFG=f(FP, Y,MS, EX, GF, AW)\)

(2, 2, 0, 0, 0, 0, 0)

2.611

\(AW=f(FP, Y,MS, EX, GF, NFG)\)

(2, 0, 0, 0, 0, 0, 0)

2.418

Critical values

Significance level

Lower bound I (0)

Upper bound I (1)

10%

2.12

3.23

5%

2.45

3.61

1%

3.15

4.43