Unit root test results: ADF and PP
| ADF | PP | |||
|---|---|---|---|---|
| Variables | t-statistics | Order | t-statistics | Order |
| BD | –8.425*** | I(1) | –8.434*** | I(1) |
| BS | –8.000*** | I(1) | –8.000*** | I(1) |
| BEF | –5.949*** | I(1) | –8.038*** | I(1) |
| BRA | –8.184*** | I(1) | –8.184*** | I(1) |
| BM | –4.838*** | I(1) | –8.213*** | I(1) |
| RGDP | –2.919** | I(0) | –3.124** | I(0) |
| INF | –3.321** | I(0) | –8.343*** | I(1) |
| ADF | PP | |||
|---|---|---|---|---|
| Variables | Order | Order | ||
| BD | –8.425 | I(1) | –8.434 | I(1) |
| BS | –8.000 | I(1) | –8.000 | I(1) |
| BEF | –5.949 | I(1) | –8.038 | I(1) |
| BRA | –8.184 | I(1) | –8.184 | I(1) |
| BM | –4.838 | I(1) | –8.213 | I(1) |
| RGDP | –2.919 | I(0) | –3.124 | I(0) |
| INF | –3.321 | I(0) | –8.343 | I(1) |
Notes:
** and *** denote stationary at the 5 and 1% significance level, respectively
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