Table 3 Augmented Dickey–Fuller and Phillips–Perron tests are a unit root test.
Variable | Individual intercept | Individual intercept and trend | Individual intercept | Individual intercept and trend | ||||
|---|---|---|---|---|---|---|---|---|
ADF—Fisher Chi-square (sig) | Order | ADF—Fisher Chi-square (sig) | Order | PP—Fisher Chi-square (sig) | Order | PP—Fisher Chi-square (sig) | Order | |
DCF | 34.41* | 1(0) | 82.05*** | 1(1) | 201.9*** | 1(1) | 35.24* | 1(0) |
SMC | 35.26* | 1(0) | 145.38*** | 1(1) | 43.29*** | 1(0) | 33.54* | 1(0) |
GDPPG | 96.66*** | 1(0) | 76.14*** | 1(0) | 113.5*** | 1(0) | 92.06*** | 1(0) |
CPI | 88.58*** | 1(0) | 60.66*** | 1(0) | 89.99*** | 1(0) | 63.77*** | 1(0) |
FDINI | 53.41*** | 1(0) | 39.19** | 1(0) | 110.6*** | 1(0) | 86.84*** | 1(0) |
STTR | 73.38*** | 1(0) | 54.77*** | 1(0) | 90.43*** | 1(0) | 71.01 | 1(0) |
Im, Pesaran, and Shin is a unit root test | ||||
|---|---|---|---|---|
| Â | Individual intercept | Individual intercept and trend | ||
Variable | Im, Pesaran, and Shin W-stat (sig) | Order | Im, Pesaran, and Shin W-stat (sig) | Order |
DCF |  − 1.404* | 1(0) |  − 6.23*** | 1(1) |
SMC |  − 2.298** | 1(0) |  − 11.0*** | 1(1) |
GDPPG |  − 6.958*** | 1(0) |  − 5.62*** | 1(0) |
CPI |  − 6.554*** | 1(0) |  − 4.46*** | 1(0) |
FDINI |  − 3.745*** | 1(0) |  − 2.03** | 1(0) |
STTR |  − 5.057*** | 1(0) |  − 3.35*** | 1(0) |