“…Following Pesaran et al (2001), two separate statistics are employed to 'bounds test' for the existence of a long-run relationship: an F-test for the joint significance of the coefficients of the lagged levels in Eq, (3.1) (so that, H 0 : a 1 = a 2 = 0), and a t-test for the null hypothesis H 0 : a 1 = 0 (see also Banerjee, Dolado & Mestre, 1998 (Pesaran et al, 2001). In addition, for long-run relations analysis, we have considered the general form of the conditional ARDL(p,q) model as follows:…”