Table 4

Unit root test results of price series in I (1) form

CountriesADF test statisticsTest critical valuesProbability
1%5%10%
Australia−16.764−2.567−1.941−1.6160.000
Austria−10.817−2.567−1.941−1.6160.000
Belgium−11.743−2.567−1.941−1.6160.000
Brazil−10.587−2.567−1.941−1.6160.000
Canada−9.795−2.567−1.941−1.6160.000
China−31.228−2.567−1.941−1.6160.000
France−11.424−2.567−1.941−1.6160.000
Germany−20.521−2.567−1.941−1.6160.000
Netherlands−11.535−2.567−1.941−1.6160.000
Italy−15.766−2.567−1.941−1.6160.000
İreland−10.643−2.567−1.941−1.6160.000
Japan−30.114−2.567−1.941−1.6160.000
Malaysia−31.736−2.567−1.941−1.6160.000
Poland−30.311−2.567−1.941−1.6160.000
Portugal−19.935−2.567−1.941−1.6160.000
Qatar−29.720−2.567−1.941−1.6160.000
South Korea−18.717−2.567−1.941−1.6160.000
Spain−19.623−2.567−1.941−1.6160.000
Sweden−32.566−2.567−1.941−1.6160.000
Switzerland−32.639−2.567−1.941−1.6160.000
Tunisia−25.714−2.567−1.941−1.6160.000
Turkey−20.427−2.567−1.941−1.6160.000
UAE−16.225−2.567−1.941−1.6160.000
UK−11.343−2.567−1.941−1.6160.000
USA−9.276−2.567−1.941−1.6160.000
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