Table 2

Summary of FF Fourier-ADF unit root test results

CountryVariableFreq. (constant)FFFADF (constant)Freq. (trend)FFFADF (trend)
CanadaX91.1−6.43841.7−6.6628
Output4.4−28.58840.4−28.6008
China Hong KongX90.7−8.23171.2−8.3185
Output4.2−28.89824.1−28.9091
IndiaX93−8.71553−8.7175
Output5−12.66425−12.6911
JapanX93−8.70952.9−8.7342
Output4.4−26.40114.4−26.3986
KuwaitX90.1−8.34550.6−8.9767
Output0.1−16.67593.5−16.7415
MalaysiaX91.1−8.11661.7−8.4308
Output4.6−12.36014.6−12.4973
TürkiyeX91.3−13.65911.3−13.66
Output3.5−21.76453.6−21.821
United KingdomX91.9−8.44791.8−8.7293
Output3.1−13.62733.1−13.626
United StatesX91.7−7.98831.7−7.9863
Output4.6−18.33152.9−18.3516

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