Table 6

Unit root tests with structural breaks

LevelFirst difference
EGX30−21.26294***−39.17890***
BTCR−24.57456***−41.04809***
BNBR−26.28273***−41.68131***
ETHR−26.81840***−41.62681***
NEOR−27.36723***−41.44876***
INTR−3.562709−22.27012***
USD−26.63425***−26.63425***

Note(s): *** indicate the rejection of the null hypothesis at the 1% significance level. The trend specification included an intercept and a trend, with the break anticipated to occur in both the intercept and the trend. The number of lags is determined by the Schwarz information criteria, with a maximum lag of 18. Breakpoint selection was determined based on the Dickey-Fuller minimum t-test. The critical values for the test at the 1%, 5%, and 10% significance levels are −4.949133, −4.443649, and −4.193627, respectively

Source(s): Authors’ calculations

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