Financial Innovation

Table 3 ARDL bound testing results

From: Nexus between financial innovation and economic growth in South Asia: evidence from ARDL and nonlinear ARDL approaches

Model	Country
	Bangladesh			India		Pakistan		Sri Lanka
	F-stat	Remark		F-stat	Remark	F-stat	Remark	F-stat	Remark
F(Y) = (Y/FI, TO, GCF, DCP,	16.95	Present		13.40	Present	14.66	Present	8.91	Present
F(FI) = (FI/Y, TO, GCF, DCP)	2.17	Present		2.85	Present	1.15	Absent	1.18	Present
F(TO) = (TO/Y, FI, GCF, DCP)	3.19	Absent		1.65	Absent	3.15	Absent	2.17	Absent
F(GCF) = (GCF/Y, FI TO, DCP)	2.18	Absent		3.85	Absent	2.12	Absent	1.18	Absent
F(DCP) = (DCP/Y, FI, TO, GCF)	3.25	Absent		1.88	Absent	2.28	Absent	4.58	Absent
Critical value	K	1%
Pesaran et al. (2001)	4	3.74	5.06
Narayan (2004)	4	3.96	5.49

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