**Table A1. Critical values for bounds testing**

| F-test | t-test |

1% | 5% | 10% | 1% | 5% | 10% |

Lower bound | Upper bound | Lower bound | Upper bound | Lower bound | Upper bound | Lower bound | Upper bound | Lower bound | Upper bound | Lower bound | Upper bound |

Model 1 | 2.45 | 3.52 | 2.86 | 4.01 | 3.74 | 5.06 | –2.57 | –3.66 | –2.86 | –3.99 | –3.43 | –4.60 |

Model 2 | 2.45 | 3.52 | 2.86 | 4.01 | 3.74 | 5.06 | –2.57 | –3.66 | –2.86 | –3.99 | –3.43 | –4.60 |

Model 3 | 2.45 | 3.52 | 2.86 | 4.01 | 3.74 | 5.06 | –2.57 | –3.66 | –2.86 | –3.99 | –3.43 | –4.60 |

Model 4 | 2.45 | 3.52 | 2.86 | 4.01 | 3.74 | 5.06 | –2.57 | –3.66 | –2.86 | –3.99 | –3.42 | –4.60 |

Note: Critical values from Pesaran et al. (2001).