Bounds test for cointegration involved the comparison of the F-statistics against the critical values which were extracted from Pesaran et al. (1999). Using eq. 2, each variable in the model was taken as a dependent variable in the calculation of F-statistics. When international reserves was the dependent variable for Algeria, China and India the calculated F-statistic was found higher than the upper bound critical value at the 1% and 5% significance level. However, when the rest of the variables in the model were taken as a dependent variable, the calculated F-statistic was found lower than the lower bound critical value at the conventional level. This suggested that the null hypothesis of no cointegration cannot be accepted for the countries in the sample and that there existed a unique cointegration relationship between international reserves and its determinants. In other words, it had been established that international reserves, econ, imp, reer and topen are cointegrated.