ADF unit root test results
| Series | Level | First difference | ||
|---|---|---|---|---|
| Test statistics | I(d) | Test statistics | I(d) | |
| LTRC | −2.887 | I(1) | −7.524** | I(1) |
| SEA | −2.486 | I(1) | −4.406** | I(1) |
| SE | −4.239*** | I(0) | −4.503** | I(1) |
| FDI | −2.876 | I(1) | −9.834** | I(1) |
| LDSP | −1.601 | I(1) | −4.822** | I(1) |
| CPI | −4.364*** | I(0) | −7.893** | I(1) |
| Series | Level | First difference | ||
|---|---|---|---|---|
| Test statistics | I( | Test statistics | I( | |
| −2.887 | −7.524** | |||
| −2.486 | −4.406** | |||
| −4.239*** | −4.503** | |||
| −2.876 | −9.834** | |||
| −1.601 | −4.822** | |||
| −4.364*** | −7.893** | |||
Note(s): The notation of I(d) represents the order of integration. Tests are conducted with an intercept and trend based on characteristics of the empirical data. MacKinnon (1996) critical values for intercept with trend as: −4.192, −3.521 and −3.191, at 1%, 5% and 10% levels, respectively. The model is estimated by setting the maximum lag to 2, which was selected based on Schwarz’s (1978) information criteria (SIC). Asterisks, *** and ** indicate significance at 1% 5% levels, respectively
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