Variable
Break Dates
Lag
t-Statistic
Result
elec
1987/2002
4
−
2.730
Not stationary
p
1994/2000
3
−
2.784
Not stationary
imp
1995/2001
7
−
3.713 **
Breakpoint Stationary
y
1987/2002
7
−
4.127 ***
Breakpoint Stationary
Note: *** and ** denote statistical significance at the 1% and 5%. The critical values for the LM test are
−
4.073,
−
3.563, and
−
3.296 at the 1%, 5%, and 10% levels.
4.2. ARDL Bounds Tests
Table
3
shows that the value of F-statistic related to the null hypothesis surpasses the critical
value of the bounds test, with unrestricted intercept and no trend, at 1% and 5%. Therefore, there is
a cointegration relationship between the variables included in this study, implying that in the
long-run, electricity prices, services imports and GDP per capita, its squared and cubed terms are
moving together.
Table 3.
Bounds test to cointegration.
Dostları ilə paylaş: | 
