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Fig 1.

Scatter plot of the selected variables.

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Table 1.

Variables of the study.

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Table 1 Expand

Table 2.

Descriptive statistics.

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Table 2 Expand

Table 3.

CSD test results.

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Table 4.

Outcomes of unit root test.

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Table 5.

SH test results.

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Table 6.

Cointegration test results.

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Table 7.

CS-ARDL test results.

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Table 8.

Robustness test results.

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Table 8 Expand

Fig 2.

Variables relationship.

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Fig 2 Expand

Table 9.

Causality test results.

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Table 9 Expand