Table 1 ADF and PP test without structural break, and correlation matrix

ADF

− 0.4421 [1]

− 3.9591 [0]^a

− 3.1772 [7]^b

0.9317 [6]

− 2.4650 [9]

− 0.5581 [3]

− 2.6056 [0]

PP

− 0.1587 [3]

− 3.8436 [4]^a

− 4.0979 [3]^a

− 0.9059 [4]

− 1.2391 [2]

− 1.0788 [11]

− 2.5962 [6]

First difference

 ADF

− 4.2391 [0]^a

− 4.3372 [0]^a

− 4.6936 [9]^a

− 3.3567 [5]^b

− 4.4272 [0]^a

− 5.3631 [2]^a

− 4.0890 [0]^a

 PP

− 4.3221 [2]^b

− 12.86 [29]^a

− 11.263 [6]^a

− 7.5521 [3]^a

− 4.4011 [9]^a

− 9.1237 [33]^a

− 7.4488 [0]^a

Correlation matrix

 Q

1.0000

 Inflow

− 0.0356

1.0000

 Outflow

− 0.1533

0.6567

1.0000

 L

− 0.7642

0.1435

0.0548

1.0000

 K

0.6457

− 0.2868

− 0.3713

− 0.3722

1.0000

 Pcrd

0.7869

0.1051

− 0.1429

− 0.5107

0.4772

1.0000

 Trade

0.1568

0.2807

0.1822

0.0602

− 0.2244

0.2134

1.0000