The Links between Energy Consumption, Financial Development, and Economic Growth in Lebanon: Evidence from Cointegration with Unknown Structural Breaks
Table 5
The results of ARDL cointegration test.
Bounds testing to cointegration
Diagnostic tests
Estimated models
Optimal lag length
-statistics
Structural break
4, 4, 4
6.577
2008
0.8936
: 0.3263
: 1.7586
4, 4, 4
4.730
2009
0.1449
: 0.2831
: 0.4828
4, 4, 4
8.719
2006
0.1229
: 0.2005
: 0.0237
Significant level
Critical values ()
Lower bounds
Upper bounds
1 per cent level
4.40
5.70
5 per cent level
3.47
4.57
10 per cent level
3.03
4.06
Note: and denote the significance at 1 and 5 per cent levels, respectively. The optimal lag length is determined by AIC. is the order of diagnostic tests.