Table 5 Unit root test results Variable...

Table 5

Unit root test results

Variable	ADF (level)	ADF (1st diff.)	PP (level)	PP (1st diff.)	Order
lnNPLA	−1.872	−7.341***	−1.694	−7.528***	I(1)
lnGDPA	−2.108	−8.215***	−1.943	−8.467***	I(1)
INF	−1.546	−5.823***	−1.612	−6.104***	I(1)
INT	−2.341	−6.142***	−2.187	−6.358***	I(1)
CAR	−3.284**	–	−3.147**	–	I(0)

Variable	ADF (level)	ADF (1st diff.)	PP (level)	PP (1st diff.)	Order
lnNPLA	−1.872	−7.341***	−1.694	−7.528***	I(1)
lnGDPA	−2.108	−8.215***	−1.943	−8.467***	I(1)
INF	−1.546	−5.823***	−1.612	−6.104***	I(1)
INT	−2.341	−6.142***	−2.187	−6.358***	I(1)
CAR	−3.284**	–	−3.147**	–	I(0)

Note(s): ***, ** denote rejection at 1% and 5%, respectively. ADF 5% critical value = −2.89 (intercept). RECAP excluded as a deterministic binary variable

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