Summary of panel unit root tests
| Variables | LLC | IPS | ADF-Fisher | PP Fisher | ||||
|---|---|---|---|---|---|---|---|---|
| Test stat | Order of integration | Test stat | Order of integration | Test stat | Order of integration | Test stat | Order of integration | |
| EXR | 3.25 (p = 0.000) | I(0) | 7.80 (p = 0.000) | I(0) | 77.99 (p = 0.000) | I(0) | 201.49 (p = 0.000) | I(0) |
| STKPRICE | 3.15 (p = 0.000) | I(0) | 8.33 (p = 0.000) | I(0) | 84.11 (p = 0.000) | I(0) | 190.52 (p = 0.000) | I(0) |
| US10YBY | 3.71 (p = 0.000) | I(0) | 8.58 (p = 0.000) | I(0) | 87.23 (p = 0.000) | I(0) | 183.53 (p = 0.000) | I(0) |
| S$P500 | 3.50 (p = 0.000) | I(1) | 6.93 (p = 0.000) | I(0) | 68.06 (p = 0.000) | I(0) | 206.75 (p = 0.000) | I(0) |
| USTBR | 5.56 (p = 0.000) | I(0) | 8.02 (p = 0.000) | I(0) | 81.95 (p = 0.000) | I(0) | 199.17 (p = 0.000) | I(0) |
| Variables | LLC | IPS | ADF-Fisher | PP Fisher | ||||
|---|---|---|---|---|---|---|---|---|
| Test stat | Order of integration | Test stat | Order of integration | Test stat | Order of integration | Test stat | Order of integration | |
| EXR | 3.25 ( | I(0) | 7.80 ( | I(0) | 77.99 ( | I(0) | 201.49 ( | I(0) |
| STKPRICE | 3.15 ( | I(0) | 8.33 ( | I(0) | 84.11 ( | I(0) | 190.52 ( | I(0) |
| US10YBY | 3.71 ( | I(0) | 8.58 ( | I(0) | 87.23 ( | I(0) | 183.53 ( | I(0) |
| S$P500 | 3.50 ( | I(1) | 6.93 ( | I(0) | 68.06 ( | I(0) | 206.75 ( | I(0) |
| USTBR | 5.56 ( | I(0) | 8.02 ( | I(0) | 81.95 ( | I(0) | 199.17 ( | I(0) |
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