Table 2. Unit root tests at level with... | Emerald Publishing

Table 2.

Unit root tests at level with intercept

	Augmented Dickey-Fuller test		Phillips-Perron test
Variables	Test statistic	p-value	Test statistic	p-value
GDP	−7.296644	0.0000***	−7.844540	0.0000***
CPI	−2.827928	0.0572*	−9.458445	0.0000***
REER	−3.449061	0.0110**	−2.867086	0.0521*
CPNF	−2.975328	0.0399**	−7.014315	0.0000***
R	−8.553440	0.0000***	−8.469924	0.0000***
HPI	−4.914269	0.0001***	−4.947561	0.0001***
Gross inflows	−6.726773	0.0000***	−6.829862	0.0000***
FDI	−2.944236	0.0432**	−8.099917	0.0000***
FPI	−8.458799	0.0000***	−8.515521	0.0000***
OFI	−4.855876	0.0001***	−8.513536	0.0000***

	Augmented Dickey-Fuller test		Phillips-Perron test
Variables	Test statistic	p-value	Test statistic	p-value
GDP	−7.296644	0.0000***	−7.844540	0.0000***
CPI	−2.827928	0.0572*	−9.458445	0.0000***
REER	−3.449061	0.0110**	−2.867086	0.0521*
CPNF	−2.975328	0.0399**	−7.014315	0.0000***
R	−8.553440	0.0000***	−8.469924	0.0000***
HPI	−4.914269	0.0001***	−4.947561	0.0001***
Gross inflows	−6.726773	0.0000***	−6.829862	0.0000***
FDI	−2.944236	0.0432**	−8.099917	0.0000***
FPI	−8.458799	0.0000***	−8.515521	0.0000***
OFI	−4.855876	0.0001***	−8.513536	0.0000***

Note:

The asterisks

*,

**and

***denote statistical significance at levels of 10, 5 and 1%, respectively