Pesaran/Shin/Smith (2001) ARDL Bounds Test

H0: no levels relationship F = 5.019

t = -1.591

Critical Values (0.1-0.01), F-statistic, Case 3

| [I_0] [I_1] | [I_0] [I_1] | [I_0] [I_1] | [I_0] [I_1]

| L_1 L_1 | L_05 L_05 | L_025 L_025 | L_01 L_01

------+----------------+----------------+----------------+---------------

k_2 | 3.17 4.14 | 3.79 4.85 | 4.41 5.52 | 5.15 6.36

accept if F < critical value for I(0) regressors

reject if F > critical value for I(1) regressors

Critical Values (0.1-0.01), t-statistic, Case 3

| [I_0] [I_1] | [I_0] [I_1] | [I_0] [I_1] | [I_0] [I_1]

| L_1 L_1 | L_05 L_05 | L_025 L_025 | L_01 L_01

------+----------------+----------------+----------------+---------------

k_2 | -2.57 -3.21 | -2.86 -3.53 | -3.13 -3.80 | -3.43 -4.10

accept if t > critical value for I(0) regressors

reject if t < critical value for I(1) regressors