Unit root tests
| Variables | Intercept | Trend and intercept | ||
|---|---|---|---|---|
| ADF | PP | ADF | PP | |
| Level | ||||
| LITX | −2.65 (−3.63) | −1.53 (−3.63) | −0.18 (−4.25) | −0.13 (−4.25) |
| LHC | 2.90 (−3.63) | 3.11 (−3.63) | −0.87 (−4.25) | 1.65 (−4.25) |
| LINV | −1.23 (−3.63) | −2.04 (−3.63) | −1.43 (−4.25) | −2.56 (−4.25) |
| LEXR | −1.91 (−3.63) | −1.58 (−3.63) | −0.83 (−4.25) | −0.36 (−4.25) |
| LOPI | 0.02 (−3.63) | −0.07 (−3.63) | −2.97 (−4.25) | −2.09 (−4.25) |
| LEXD | −1.54 (−3.63) | −1.59 (−3.63) | −1.51 (−4.25) | −0.95 (−4.25) |
| First difference | ||||
| LITX | −2.86*** (−2.61) | −2.85*** (−2.62) | −4.33* (−4.25) | −4.28* (−4.25) |
| LHC | −9.82* (−2.95) | −2.60* (−2.95) | −10.04* (−3.55) | −3.88* (−3.54) |
| LINV | −6.82* (−2.95) | −6.88* (−2.95) | −4.41 (−3.56) | −6.75* (−3.54) |
| LEXR | −3.01** (−2.95) | −3.04* (−2.95) | −3.71** (−3.54) | −3.70** (−3.54) |
| LOPI | −4.80* (−2.95) | −5.01* (−2.95) | −4.69* (−3.55) | −4.92* (−3.54) |
| LEXD | −3.88* (−3.63) | −3.88* (−3.63) | −4.10** (3.54) | −4.11** (−3.54) |
| Variables | Intercept | Trend and intercept | ||
|---|---|---|---|---|
| ADF | PP | ADF | PP | |
| LITX | −2.65 (−3.63) | −1.53 (−3.63) | −0.18 (−4.25) | −0.13 (−4.25) |
| LHC | 2.90 (−3.63) | 3.11 (−3.63) | −0.87 (−4.25) | 1.65 (−4.25) |
| LINV | −1.23 (−3.63) | −2.04 (−3.63) | −1.43 (−4.25) | −2.56 (−4.25) |
| LEXR | −1.91 (−3.63) | −1.58 (−3.63) | −0.83 (−4.25) | −0.36 (−4.25) |
| LOPI | 0.02 (−3.63) | −0.07 (−3.63) | −2.97 (−4.25) | −2.09 (−4.25) |
| LEXD | −1.54 (−3.63) | −1.59 (−3.63) | −1.51 (−4.25) | −0.95 (−4.25) |
| LITX | −2.86*** (−2.61) | −2.85*** (−2.62) | −4.33* (−4.25) | −4.28* (−4.25) |
| LHC | −9.82* (−2.95) | −2.60* (−2.95) | −10.04* (−3.55) | −3.88* (−3.54) |
| LINV | −6.82* (−2.95) | −6.88* (−2.95) | −4.41 (−3.56) | −6.75* (−3.54) |
| LEXR | −3.01** (−2.95) | −3.04* (−2.95) | −3.71** (−3.54) | −3.70** (−3.54) |
| LOPI | −4.80* (−2.95) | −5.01* (−2.95) | −4.69* (−3.55) | −4.92* (−3.54) |
| LEXD | −3.88* (−3.63) | −3.88* (−3.63) | −4.10** (3.54) | −4.11** (−3.54) |
Note(s): *, ** and *** indicates rejection of the null hypothesis of unit roots at 1%, 5% and 10% levels of significance levels respectively; and figures in brackets show respective critical value
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