Unit root tests
| Variable | ADF | PP | Result | |
|---|---|---|---|---|
| SR | Level | 134.624*** | 252.199*** | Non-stationary |
| First difference | 189.660*** | 434.925*** | Stationary | |
| CR | Level | 119.858*** | 150.994*** | Non-stationary |
| First difference | 170.324*** | 281.414*** | Stationary | |
| QR | Level | 115.138** | 166.955*** | Non-stationary |
| First difference | 168.861*** | 395.425*** | Stationary | |
| LA | Level | 100.568* | 93.6533* | Non-stationary |
| First difference | 131.359*** | 200.319*** | Stationary | |
| TL | Level | 73.5732* | 73.2694 | Non-stationary |
| First difference | 136.763*** | 183.032*** | Stationary | |
| ST | Level | 90.6325* | 108.615** | Non-stationary |
| First difference | 141.870*** | 257.450*** | Stationary | |
| LT | Level | 75.5635** | 63.6597 | Non-stationary |
| First difference | 84.5650*** | 169.642*** | Stationary | |
| S | Level | 81.0790 | 96.5835* | Non-stationary |
| First difference | 115.863** | 213.287*** | Stationary |
| Variable | ADF | PP | Result | |
|---|---|---|---|---|
| SR | Level | 134.624*** | 252.199*** | Non-stationary |
| First difference | 189.660*** | 434.925*** | Stationary | |
| CR | Level | 119.858*** | 150.994*** | Non-stationary |
| First difference | 170.324*** | 281.414*** | Stationary | |
| QR | Level | 115.138** | 166.955*** | Non-stationary |
| First difference | 168.861*** | 395.425*** | Stationary | |
| LA | Level | 100.568* | 93.6533* | Non-stationary |
| First difference | 131.359*** | 200.319*** | Stationary | |
| TL | Level | 73.5732* | 73.2694 | Non-stationary |
| First difference | 136.763*** | 183.032*** | Stationary | |
| ST | Level | 90.6325* | 108.615** | Non-stationary |
| First difference | 141.870*** | 257.450*** | Stationary | |
| LT | Level | 75.5635** | 63.6597 | Non-stationary |
| First difference | 84.5650*** | 169.642*** | Stationary | |
| S | Level | 81.0790 | 96.5835* | Non-stationary |
| First difference | 115.863** | 213.287*** | Stationary |