Unit root outcomes
| Variables | Statistic-value of ADF test | Statistic-value of PP test | ||
|---|---|---|---|---|
| At the level | At the first-Δ | At the level | At the first-Δ | |
| LnFPI | −1.202346 (0.8890) | −5.672951*** (0.0005) | −1.250171 (0.8779) | −8.885546 (0.0000) |
| LnMPT | −0.484175 (0.9774) | −2.162945** (0.0319) | −0.539261 (0.9745) | −2.158293** (0.0322) |
| LnINT | −14.21949*** (0.0000) | – | −15.06267*** (0.0000) | |
| LnCL | −0.821701 (0.9503) | −5.717229*** (0.0005) | −0.821701 (0.9503) | −4.383174*** (0.0021) |
| LnCF | −1.406708 (0.8347) | −4.805337*** (0.0055) | −1.273557 (0.8721) | −5.754799*** (0.0005) |
| LnFER | −3.861632** (0.0290) | – | −3.861632** (0.0290) | – |
| LnDCR | −1.594992 (0.7671) | −4.739654*** (0.0045) | −1.594992 (0.7671) | −4.736382*** (0.0045) |
| TEMP | −5.134467*** (0.0017) | – | −5.164512 (0.0016) | – |
| LnEMP | −0.334476 (0.9066) | −3.580450** (0.0239) | −0.327025 (0.9078) | −3.619671** (0.0227) |
| Variables | Statistic | Statistic | ||
|---|---|---|---|---|
| At the level | At the first | At the level | At the first | |
| LnFPI | −1.202346 (0.8890) | −5.672951 | −1.250171 (0.8779) | −8.885546 (0.0000) |
| LnMPT | −0.484175 (0.9774) | −2.162945 | −0.539261 (0.9745) | −2.158293 |
| LnINT | −14.21949 | – | −15.06267 | |
| LnCL | −0.821701 (0.9503) | −5.717229 | −0.821701 (0.9503) | −4.383174 |
| LnCF | −1.406708 (0.8347) | −4.805337 | −1.273557 (0.8721) | −5.754799 |
| LnFER | −3.861632 | – | −3.861632 | – |
| LnDCR | −1.594992 (0.7671) | −4.739654 | −1.594992 (0.7671) | −4.736382 |
| −5.134467 | – | −5.164512 (0.0016) | – | |
| LnEMP | −0.334476 (0.9066) | −3.580450 | −0.327025 (0.9078) | −3.619671 |
*** (1%) statistically significant; ** (5%) statistically significant
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