Table 7: ARDL bounds test.

Dependent Variable: lnrgdp (ARDL 4, 4, 3, 4, 3, 4, 3)
Independent Variables:
Significance Critical Value Bounds K F-Statistics Evaluation of Hypothesis
IO Bound I1 Bound
10 percent 2.53 3.59 6 3.6615 Cointegration
5 percent 2.87 4 6 3.6615 No cointegration
2.5 percent 3.19 4.38 6 3.6615 No cointegration
1 percent 3.6 4.9 6 3.6615 No cointegration

Source: Authors’ Computation