Table II Results of ADF and PP tests ADF...

Table II

Results of ADF and PP tests

	ADF tests		PP tests
	Level	First difference	Level	First difference
Full	−1.60	−34.98*	−1.59	−46.03*
Phase II	−0.62	−29.10*	−0.64	−29.08*
Phase III	−2.12	−28.24*	−2.17	−36.09*

	ADF tests	PP tests
Full	−1.60	−34.98*	−1.59	−46.03*
Phase II	−0.62	−29.10*	−0.64	−29.08*
Phase III	−2.12	−28.24*	−2.17	−36.09*

Notes: In this table, we present the results for the ADF and PP tests applied to both full and subsamples. *Statistical significance at 1 percent level

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