| LLC test | IP & SW test | ADF FC test | PP FC test | ||||
---|---|---|---|---|---|---|---|---|
Constant | Constant and trend | Constant | Constant and trend | Constant | Constant and trend | Constant | Constant and trend | |
Tests in logarithmic levels | Â | Â | Â | Â | Â | Â | Â | Â |
EXP | − 0.76 | 1.96 | 2.97 | 0.54 | 4.41 | 13.12 | 4.85 | 15.53 |
GFCF | − 2.03*** | − 1.89 | − 2.03** | − 1.76 | 32.16** | 34.69 | 29.17** | 35.23 |
GDP | − 2.27** | − 0.76 | 2.82 | − 0.71 | 24.95 | 22.71 | 45.76*** | 19.16 |
IMP | − 3.13*** | 2.41 | 1.66 | 2.61 | 12.14 | 7.85 | 13.19 | 10.01 |
MVA | − 0.48 | 0.01 | − 0.07 | 0.81 | 22.66 | 16.90 | 23.28 | 16.27 |
Test in logarithmic first difference | Â | Â | Â | Â | Â | Â | Â | Â |
EXP | − 15.87*** | − 14.26*** | − 15.35*** | − 13.77*** | 214.94*** | 176.87*** | 214.89*** | 179.15*** |
GFCF | − 13.17*** | − 10.16*** | − 12.57*** | − 10.40*** | 172.68*** | 130.33*** | 195.63*** | 164.33*** |
GDP | − 12.14*** | − 11.95*** | − 11.88*** | − 11.60*** | 162.35*** | 147.35*** | 188.05*** | 364.56*** |
IMP | − 14.67*** | − 13.53*** | − 14.42*** | − 13.24*** | 201.09*** | 165.92*** | 202.13*** | 167.32*** |
MVA | − 14.74*** | − 16.37*** | − 14.29*** | − 15.91*** | 199.70*** | 225.51*** | 226.89*** | 300.27*** |