Table 2

CADF Unit Root Test Results

CountryConstant ModelConstant and Trend Model
Argentina-1.83-2.664
Brasilia-2.60-2.5117
China-3.27***-3.147
India-2.87-2.684
Indonesia-3.52**-3.781***
United Mexican States (Mexico)-3.77**-3.969***
Poland-3.06***-3.675***
South Africa-3.47**-3.253
South Korea-1.23-1.894
Türkiye-1.51-1.622
CIPS statistics-2.71*-2.921**
Notes

1) CADF critical table values for the constant model: %1: -4.35 %5: -3.43 %10: -3.00

CADF critical table values for the constant and trend model: %1: -4.97 %5: -3.99 %10: -3.55

2) CIPS critical table values: %1: -2.60 %5: -2.34 %10: -2.21

CIPS critical table values for the constant and trend model: %1: -3.15 %5: -2.88 %10: -2.74

3) The signs (*), (**), and (***) indicate stationary at 1%, 5% and 10% significance levels, respectively.

4) Lag lengths are chosen according to the Schwarz information criterion.

Source: By authors
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