Unit root tests for stationarity
| DF-GLS test statistics | Phillips–Perron test statistic | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Series | Constant (C) | Level | First difference | Decision | Series | Constant (C) | Level | First difference | Decision |
| DCP | C | −0.960324 | −2.793379*** | I (1) | DCP | C | −1.625986 | −5.062996 *** | I (1) |
| DMA | C | −1.453263 | −3.04492*** | I (1) | DMA | C | −1.90231 | −3.406535** | I (1) |
| DMB | C | −0.558854 | −4.061262*** | I (1) | DMB | C | −0.666033 | −3.694704*** | I (1) |
| EFI | C | −0.77342 | −6.098865*** | I (1) | EFI | C | −1.208739 | −6.045186*** | I (1) |
| ENP | C | −2.19381** | −2.441787** | I (0) | ENP | None | −0.507555 | −2.630561** | I (1) |
| EOG | C | −1.331095 | −5.667156*** | I (1) | EOG | C | −1.94321 | −5.662796*** | I (1) |
| GROWTH | C | −2.508942** | −5.324972*** | I (0) | GROWTH | C | −2.451275 | −8.400565*** | I (1) |
| INF | C | −1.078698 | −6.677957*** | I (1) | INF | C | −1.215089 | −7.388808*** | I (1) |
| IRG | C | −1.729949* | −5.633769*** | I (0) | IRG | C | −2.373382 | −5.561587*** | I (1) |
| LLG | C | −2.349705** | −3.308902*** | I (0) | LLG | C | −2.10063 | −3.271417** | I (1) |
| PC1 | C | −1.984096** | −3.10471*** | I (0) | PC1 | C | −1.86037 | −3.129243** | I (1) |
| PC2 | C | −1.355155 | −3.419795*** | I (1) | PC2 | C | −1.142057 | −3.958815*** | I (1) |
| POP | C | −1.549681 | −1.903512* | I (1) | POP | None | −0.253217 | −2.443787** | I (1) |
| DF-GLS test statistics | Phillips–Perron test statistic | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Series | Constant (C) | Level | First difference | Decision | Series | Constant (C) | Level | First difference | Decision |
| DCP | C | −0.960324 | −2.793379 | I (1) | DCP | C | −1.625986 | −5.062996 | I (1) |
| DMA | C | −1.453263 | −3.04492 | I (1) | DMA | C | −1.90231 | −3.406535 | I (1) |
| DMB | C | −0.558854 | −4.061262 | I (1) | DMB | C | −0.666033 | −3.694704 | I (1) |
| EFI | C | −0.77342 | −6.098865 | I (1) | EFI | C | −1.208739 | −6.045186 | I (1) |
| ENP | C | −2.19381 | −2.441787 | I (0) | ENP | None | −0.507555 | −2.630561 | I (1) |
| EOG | C | −1.331095 | −5.667156 | I (1) | EOG | C | −1.94321 | −5.662796 | I (1) |
| GROWTH | C | −2.508942 | −5.324972 | I (0) | GROWTH | C | −2.451275 | −8.400565 | I (1) |
| INF | C | −1.078698 | −6.677957 | I (1) | INF | C | −1.215089 | −7.388808 | I (1) |
| IRG | C | −1.729949 | −5.633769 | I (0) | IRG | C | −2.373382 | −5.561587 | I (1) |
| LLG | C | −2.349705 | −3.308902 | I (0) | LLG | C | −2.10063 | −3.271417 | I (1) |
| PC1 | C | −1.984096 | −3.10471 | I (0) | PC1 | C | −1.86037 | −3.129243 | I (1) |
| PC2 | C | −1.355155 | −3.419795 | I (1) | PC2 | C | −1.142057 | −3.958815 | I (1) |
| POP | C | −1.549681 | −1.903512 | I (1) | POP | None | −0.253217 | −2.443787 | I (1) |
Note:
***, ** and * are statistically significant at 1, 5 and 10%, respectively
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