Table 7 Bounds test for nonlinear cointegration

1

F (BTC_t/PI⁺, PI⁻, CNC⁺, CNC⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 0, 3, 3, 0, 0)

82.29521***

1%

I (0)

2.88

2

F (BTC_t/HI⁺, HI⁻, CNC⁺, CNC⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 0, 3, 3, 0, 0)

80.86306***

I (1)

3.99

3

F (BTC_t/FNI⁺, FNI⁻, CNC⁺, CNC⁻, VIX⁺, VIX⁻)

NARDL (1, 2, 1, 2, 4, 0, 0)

87.20392***

5%

I (0)

2.27

4

F (BTC_t/SI⁺, SI⁻, CNC⁺, CNC⁻, VIX⁺, VIX⁻)

NARDL (1, 1, 0, 0, 0, 0, 0)

85.21631***

I (1)

3.28

5

F (BTC_t/II⁺, II⁻, CNC⁺, CNC⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 1, 3, 3, 0, 0)

80.22583***

10%

I (0)

1.99

6

F (BTC_t/MCI⁺, MCI⁻, CNC⁺, CNC⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 0, 3, 3, 0, 0)

80.21185***

I (1)

2.94

7

F (BTC_t/PI⁺, PI⁻, CND⁺, CND⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 0, 0, 0, 0, 0)

87.11501***

8

F (BTC_t/HI⁺, HI⁻, CND⁺, CND⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 0, 0, 0, 0, 0)

84.97346***

9

F (BTC_t/FNI⁺, FNI⁻, CND⁺, CND⁻, VIX⁺, VIX⁻)

NARDL (1, 2, 1, 0, 0, 0, 0)

89.54702***

10

F (BTC_t/SI⁺, SI⁻, CND⁺, CND⁻, VIX⁺, VIX⁻)

NARDL (1, 1, 0, 0, 0, 0, 0)

84.24209***

11

F (BTC_t/II⁺, II⁻, CND⁺, CND⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 0, 0, 0, 1, 0)

77.60079***

12

F (BTC_t/MCI⁺, MCI⁻, CND⁺, CND⁻, VIX⁺, VIX⁻)

NARDL (1, 0, 0, 0, 0, 0, 0)

83.92854***