Table 3 Unit root test Variable ADF KPSS... | Emerald Publishing

Table 3

Unit root test

Variable	ADF				KPSS
Variable	df	Lag order	p-value	Stationarity	Level	Truncation lag	p-value	Stationarity
UCRY Policy	−2.2541	4	0.4716 > 0.05	Non-stationarity	0.86334	3	$<$ 0.01 $<$ 0.05	Non-stationarity
GlobalEPU	−2.6359	4	0.3148 > 0.05	Non-stationarity	1.7739	3	$<$ 0.01 $<$ 0.05	Non-stationarity
Vix	−2.5373	4	0.3553 > 0.05	Non-stationarity	0.80942	3	$<$ 0.01 $<$ 0.05	Non-stationarity
BCO	−2.7211	4	0.2798 > 0.05	Non-stationarity	0.50869	3	0.03971 $<$ 0.05	Non-stationarity
Bitcoin	0.36577	4	0.99 > 0.05	Non-stationarity	1.4532	3	$<$ 0.01 $<$ 0.05	Non-stationarity
GTU	−3.4224	4	0.05695 > 0.05	Non-stationarity	0.39812	3	0.04779 $<$ 0.05	Non-stationarity
UCRY Price	−2.4411	4	0.3948 > 0.05	Non-stationarity	1.0292	3	$<$ 0.01 $<$ 0.05	Non-stationarity
IP	−2.5847	4	0.3359 > 0.05	Non-stationarity	0.49935	3	0.04181 $<$ 0.05	Non-stationarity
ICEA	−1.3315	4	0.8505 > 0.05	Non-stationarity	1.1206	3	$<$ 0.01 $<$ 0.05	Non-stationarity

Variable	ADF				KPSS
Variable	df	Lag order	p-value	Stationarity	Level	Truncation lag	p-value	Stationarity
UCRY Policy	−2.2541	4	0.4716 > 0.05	Non-stationarity	0.86334	3	$<$ 0.01 $<$ 0.05	Non-stationarity
GlobalEPU	−2.6359	4	0.3148 > 0.05	Non-stationarity	1.7739	3	$<$ 0.01 $<$ 0.05	Non-stationarity
Vix	−2.5373	4	0.3553 > 0.05	Non-stationarity	0.80942	3	$<$ 0.01 $<$ 0.05	Non-stationarity
BCO	−2.7211	4	0.2798 > 0.05	Non-stationarity	0.50869	3	0.03971 $<$ 0.05	Non-stationarity
Bitcoin	0.36577	4	0.99 > 0.05	Non-stationarity	1.4532	3	$<$ 0.01 $<$ 0.05	Non-stationarity
GTU	−3.4224	4	0.05695 > 0.05	Non-stationarity	0.39812	3	0.04779 $<$ 0.05	Non-stationarity
UCRY Price	−2.4411	4	0.3948 > 0.05	Non-stationarity	1.0292	3	$<$ 0.01 $<$ 0.05	Non-stationarity
IP	−2.5847	4	0.3359 > 0.05	Non-stationarity	0.49935	3	0.04181 $<$ 0.05	Non-stationarity
ICEA	−1.3315	4	0.8505 > 0.05	Non-stationarity	1.1206	3	$<$ 0.01 $<$ 0.05	Non-stationarity

Note(s): 5% critical values are given in parentheses