ZA unit root test results
| Series | Level | First difference | ||||||
|---|---|---|---|---|---|---|---|---|
| T. Stat. | Tb | Model | I(d) | T. Stat. | Tb | Model | I(d) | |
| LTRC | −14.81*** | 2004 | B | I(0) | −8.56** | 2004 | B | I(1) |
| SEA | −5.05** | 2015 | B | I(1) | −6.15** | 2008 | B | I(1) |
| SE | −5.59** | 2009 | B | I(0) | −5.93** | 2007 | B | I(1) |
| FDI | −7.48*** | 2005 | B | I(0) | −11.51** | 2012 | B | I(1) |
| LDSP | −3.69** | 2006 | B | I(1) | −5.66*** | 2015 | B | I(1) |
| CPI | −6.91*** | 2007 | B | I(0) | −8.98*** | 2006 | B | I(1) |
| Series | Level | First difference | ||||||
|---|---|---|---|---|---|---|---|---|
| Model | I( | Model | I( | |||||
| −14.81*** | 2004 | B | −8.56** | 2004 | B | |||
| −5.05** | 2015 | B | −6.15** | 2008 | B | |||
| −5.59** | 2009 | B | −5.93** | 2007 | B | |||
| −7.48*** | 2005 | B | −11.51** | 2012 | B | |||
| −3.69** | 2006 | B | −5.66*** | 2015 | B | |||
| −6.91*** | 2007 | B | −8.98*** | 2006 | B | |||
Note(s): The notation, I(d) represents order of integration. Model B represents change in the level shift or intercept and change in the trend. Zivot and Andrews (1992) critical values for intercept break are −5.57 (1%), −5.08 (5%) and −4.82 (10%). The model is estimated by setting the maximum lag to 2, which was selected based on Schwarz (1978) information criteria (SIC). Asterisks, ***, ** and * indicate significance at 1%, 5% and 10% levels, respectively
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