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Table 1 Augmented Dickey–Fuller (ADF) and Phillip–Perron (PP) unit-root tests.

From: Fiscal dominance and exchange rate stability in Nigeria

Variables

ADF statistics

I(d)

PP statistics

I(d)

I(0)

I(1)

I(0)

I(1)

Δexchr

− 3.101

− 

I(0)

− 3.823*

− 

I(0)

\(rgdpgr\)

− 1.728

− 3.740*

I(1)

− 2.879

− 3.065*

I(1)

\({\Delta}m2\)

− 2.411

− 3.761*

I(1)

− 2.779

− 2.866*

I(1)

\({\Delta }budg\_def\)

− 1.850

− 4.761*

I(1)

− 2.731

− 2.637*

I(1)

\({\Delta }public\_deb\)

− 1.497

− 4.396*

I(1)

− 3.196*

− 

I(0)

\(forein\_\text{int}\)

− 1.618

− 4.005*

I(1)

1.864

− 3.537*

I(1)

\({\Delta }cpi\)

− 0.796

− 4.634*

I(1)

− 2.845

− 3.860*

I(1)

\(finopen\)

− 0.363

− 2.116*

I(1)

− 1.744

− 2.796*

I(1)

  1. Critical values at I(1): 1% = − 2.582; 5% = − 1.943; 10% = − 1.615