Unit root test estimates
| Levin et al. | Im et al. | ADF–Fisher chi-square | PP–Fisher chi-square | Integration order | |
|---|---|---|---|---|---|
| AGRVA | −14.0695*** | −14.8579*** | 186.897*** | 213.831*** | I(1) |
| MCAP | −17.6886*** | −15.8558** | 165.003*** | 190.468*** | I(1) |
| SVT | −10.9064*** | −11.6407*** | 141.394*** | 219.578*** | I(1) |
| M2_GDP | −9.50977*** | −9.46625*** | 114.258*** | 137.352*** | I(1) |
| PHKAP | −11.3931*** | −11.4455*** | 138.499*** | 157.083*** | I(1) |
| LAB | −0.46521 | −3.60466*** | 46.2945*** | 41.5123*** | I(1) |
| Levin | Im | ADF–Fisher chi-square | PP–Fisher chi-square | Integration order | |
|---|---|---|---|---|---|
| AGRVA | −14.0695*** | −14.8579*** | 186.897*** | 213.831*** | I(1) |
| MCAP | −17.6886*** | −15.8558** | 165.003*** | 190.468*** | I(1) |
| SVT | −10.9064*** | −11.6407*** | 141.394*** | 219.578*** | I(1) |
| M2_GDP | −9.50977*** | −9.46625*** | 114.258*** | 137.352*** | I(1) |
| PHKAP | −11.3931*** | −11.4455*** | 138.499*** | 157.083*** | I(1) |
| LAB | −0.46521 | −3.60466*** | 46.2945*** | 41.5123*** | I(1) |
Source(s): Conceptualized by author: (***) denotes 1%, significance level
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