Stationarity analysis
| Variables | CIPS | CADF | ||
|---|---|---|---|---|
| At Level (0) | At first difference (1) | (0) | (1) | |
| CMR | (0.432) 0.667 | (−6.881) 0.000 | (13.242) 0.654 | (76.961) 0.000 |
| REA | (0.641) 0.731 | (−5.671) 0.000 | (8.562) 0.931 | (64.555) 0.000 |
| FRA | (46.561) 0.000 | — | (19.913) 0.000 | — |
| ECG | (−4.931) 0.000 | — | (58.658) 0.000 | — |
| FDI | (−2.381) 0.008 | — | (30.500) 0.015 | — |
| BSD | (14.425) 0.567 | (−3.622) 0.000 | (0.791) 0.786 | (40.441) 0.000 |
| VOA | (23.554) 0.099 | — | (26.515) 0.051 | — |
| Variables | ||||
|---|---|---|---|---|
| At Level (0) | At first difference (1) | (0) | (1) | |
| (0.432) 0.667 | (−6.881) 0.000 | (13.242) 0.654 | (76.961) 0.000 | |
| (0.641) 0.731 | (−5.671) 0.000 | (8.562) 0.931 | (64.555) 0.000 | |
| (46.561) 0.000 | — | (19.913) 0.000 | — | |
| (−4.931) 0.000 | — | (58.658) 0.000 | — | |
| (−2.381) 0.008 | — | (30.500) 0.015 | — | |
| (14.425) 0.567 | (−3.622) 0.000 | (0.791) 0.786 | (40.441) 0.000 | |
| (23.554) 0.099 | — | (26.515) 0.051 | — | |
The acronyms can be seen in Table 1