Table 2 Lee and Strazicich [46] LM unit root test with two structural breaks, DF-GLS unit root test and correlation matrix

t-statistics (level)

− 4.7325[6]

− 6.5572[8]b

− 7.3533[6]b

− 4.7192[8]

− 5.1858[6]

− 4.1292[7]

47.367[7]a

− 6.7205[2]b

break date

1995, 2009

2002, 2012

2002, 2006

1995, 2007

1995, 2009

1995, 2005

1995, 2011

2005. 2012

First difference

t-statistics

− 8.1944[6]b

7.2619[6]b

− 8.4183[8]b

− 6.9472[0]b

− 12.020[8]b

− 7.6633[1]b

− 51.546[6]a

− 7.3408[3]a

break date

1998, 2005

2003, 2012

2001. 2011

1992, 2001

1992, 1996

1992, 1996

1996, 2010

2004, 2009

2B:

DF-GLS test

t-statistics(level)

− 0.5921[4]

− 1.9865[0]c

0.1632[1]

− 1.5711[0]

− 2.1239[0]b

− 1.0684[2]

− 0.8507[1]

− 0.8663[3]

First difference

t-statistics

− 3.8868[3]a

− 2.4579[7]b

− 8.1743[0]a

− 4.2155[0]a

− 8.7659[0]a

− 3.4381[7]a

− 5.9637[0]a

− 4.8694[2]a

2C: Correlation Matrix

lngdp

1

lntrade

0.2516

1

lnExport

0.1533

0.969

1

lnimport

0.36

0.9314

0.8142

1

lninflow

− 0.0482

0.3415

0.3837

0.2457

1

lnk

0.7494

− 0.1868

− 0.2579

− 0.072

− 0.3541

1

lnl

− 0.7484

− 0.0319

0.074

− 0.163

0.1854

− 0.4808

1