“…The ARDL Bounds Test has been widely applied in various research areas. For instance, it has been used to analyze the link between employment and R&D spending in Turkey (Doğaner, 2022), to investigate the impact of climate change on maize production in Mali (Maïga et al, 2021), to test the J-Curve hypothesis for the Turkish economy (Yılmaz et al, 2017), to analyze the link between the use of renewable energy and economic expansion (Can & Korkmaz, 2019), to explore the relationship between Turkey's financial sector expansion, external debt, and use of renewable energy (Jabari et al, 2022), to examine the direct effects of changes in oil prices on foreign direct investment flows in South Africa (Tala & Hlongwane, 2023), to investigate Economic Growth, Financial Development and Trade Openness in Türkiye (Karataş & Ergül, 2023).…”