Modified Dickey-Fuller test with break
| Variable | Level | 1st difference |
|---|---|---|
| Indonesia | ||
| −9.59*** (0) | −11.80*** (0) | |
| −4.27 (0) | −10.37*** (0) | |
| −5.36*** (0) | −8.52*** (0) | |
| −4.22 (0) | −9.77*** (0) | |
| −4.39 (10) | −9.07*** (10) | |
| Malaysia | ||
| −3.63 (0) | −7.51*** (0) | |
| −4.66 (0) | −8.30*** (0) | |
| −4.93 (0) | −7.22*** (0) | |
| −2.32 (0) | −7.05*** (1) | |
| −3.90 (8) | −8.62*** (6) | |
| Philippines | ||
| −2.04 (1) | −9.78*** (8) | |
| −4.54 (0) | −9.27*** (0) | |
| −4.88 (1) | −6.16*** (1) | |
| −3.18 (0) | −7.16*** (0) | |
| −4.90 (10) | −6.54*** (6) | |
| Singapore | ||
| −3.13 (0) | −7.99*** (1) | |
| −6.75*** (0) | −10.01*** (0) | |
| −3.70 (0) | −9.46*** (0) | |
| −3.12 (0) | −7.69*** (0) | |
| −4.18 (0) | −7.49*** (0) | |
| Thailand | ||
| −3.93 (1) | −8.30*** (0) | |
| −5.15 (0) | −11.12*** (0) | |
| −4.60 (0) | −8.76*** (0) | |
| −2.39 (0) | −8.11*** (0) | |
| −3.84 (7) | −8.16*** (6) | |
| S. Korea | ||
| −1.91 (0) | −7.93*** (0) | |
| −8.64*** (2) | −13.47*** (0) | |
| −3.74 (0) | −10.72*** (1) | |
| −3.45 (0) | −6.90*** (0) | |
| −5.22 (0) | −8.40*** (0) | |
| Japan | ||
| −2.68 (0) | −7.26*** (0) | |
| −6.73*** (0) | −10.71*** (0) | |
| −3.36 (1) | −6.27*** (0) | |
| −4.82 (0) | −7.24*** (0) | |
| −8.49*** (0) | −30.48*** (0) | |
| Variable | Level | 1st difference |
|---|---|---|
| −9.59*** (0) | −11.80*** (0) | |
| −4.27 (0) | −10.37*** (0) | |
| −5.36*** (0) | −8.52*** (0) | |
| −4.22 (0) | −9.77*** (0) | |
| −4.39 (10) | −9.07*** (10) | |
| −3.63 (0) | −7.51*** (0) | |
| −4.66 (0) | −8.30*** (0) | |
| −4.93 (0) | −7.22*** (0) | |
| −2.32 (0) | −7.05*** (1) | |
| −3.90 (8) | −8.62*** (6) | |
| −2.04 (1) | −9.78*** (8) | |
| −4.54 (0) | −9.27*** (0) | |
| −4.88 (1) | −6.16*** (1) | |
| −3.18 (0) | −7.16*** (0) | |
| −4.90 (10) | −6.54*** (6) | |
| −3.13 (0) | −7.99*** (1) | |
| −6.75*** (0) | −10.01*** (0) | |
| −3.70 (0) | −9.46*** (0) | |
| −3.12 (0) | −7.69*** (0) | |
| −4.18 (0) | −7.49*** (0) | |
| −3.93 (1) | −8.30*** (0) | |
| −5.15 (0) | −11.12*** (0) | |
| −4.60 (0) | −8.76*** (0) | |
| −2.39 (0) | −8.11*** (0) | |
| −3.84 (7) | −8.16*** (6) | |
| −1.91 (0) | −7.93*** (0) | |
| −8.64*** (2) | −13.47*** (0) | |
| −3.74 (0) | −10.72*** (1) | |
| −3.45 (0) | −6.90*** (0) | |
| −5.22 (0) | −8.40*** (0) | |
| −2.68 (0) | −7.26*** (0) | |
| −6.73*** (0) | −10.71*** (0) | |
| −3.36 (1) | −6.27*** (0) | |
| −4.82 (0) | −7.24*** (0) | |
| −8.49*** (0) | −30.48*** (0) | |
Note(s): is real GDP (base year is 2015), is net inflows of foreign direct investment, is gross capital formation, is trade openness as exports plus imports of goods and services, is population growth. All variables in logarithmic format. Null Hypothesis: series has unit roots. Lag length, reported in parentheses, is selected by SIC with maximum lags = 10. *** denotes significance at the 1% level
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.