Table A1 Unit root test Series ADF (C)...

Table A1

Unit root test

Series	ADF (C)	ADF (C + T)	P-P (C)	P-P(C + T)	KPSS (C)	KPSS (C + T)
Series	t-value	t-value	t-value	t-value	t-value	t-value
lnGDP_t	2.5896	−1.1165	2.5896	−0.6066	1.542928	0.3816
lnPOP_t	−0.7461	−3.0577	−0.7465	−1.6056	1.0099	0.1615
lnS_t	−2.6526	1.6817	−2.5174	−3.1278	0.7841	0.5806
lnE_t	−1.1657	−2.9472	−1.3206	−1.6372	0.7781	0.1662
∆lnGDP_t	−3.1726^b	−3.7577^b	−2.9319^b	−3.5470^b	0.4424^a	0.1026^a
∆lnPOP_t	−5.1407^a	−4.9064^a	−3.7143^a	−5.8258	0.1131^a	0.1017^a
∆lnS_t	−2.7346	−4.1793^a	−11.509^a	−11.2509^a	0.0604^a	0.0573^a
∆lnE	−4.2519^a	−4.1521^a	−4.2599^a	−4.1614^a	0.1481^a	0.1357^a

Series	ADF (C)	ADF (C + T)	P-P (C)	P-P(C + T)	KPSS (C)	KPSS (C + T)
Series	t-value	t-value	t-value	t-value	t-value	t-value
lnGDP_t	2.5896	−1.1165	2.5896	−0.6066	1.542928	0.3816
lnPOP_t	−0.7461	−3.0577	−0.7465	−1.6056	1.0099	0.1615
lnS_t	−2.6526	1.6817	−2.5174	−3.1278	0.7841	0.5806
lnE_t	−1.1657	−2.9472	−1.3206	−1.6372	0.7781	0.1662
∆lnGDP_t	−3.1726^b	−3.7577^b	−2.9319^b	−3.5470^b	0.4424^a	0.1026^a
∆lnPOP_t	−5.1407^a	−4.9064^a	−3.7143^a	−5.8258	0.1131^a	0.1017^a
∆lnS_t	−2.7346	−4.1793^a	−11.509^a	−11.2509^a	0.0604^a	0.0573^a
∆lnE	−4.2519^a	−4.1521^a	−4.2599^a	−4.1614^a	0.1481^a	0.1357^a

Note(s): The Mackinnon (1996) critical values for ADF test are used. Critical values with C (C + T) at the 5% significance are −2.92 (−3.49) and at the 1% significance is −3.56 (−4.14). The critical values for KPSS with C (C + T) at the 5% significance are 0.463 (0.15) and at the 1% significance is 0.739 (0.22). ^a and ^b indicate significance at 1%, 5% and 10%, respectively. KPSS, Kwiatkowski et al. (1992, Table 1) refers to testing the null hypothesis of stationarity against the alternative of unit root. C = constant and C + T = constant and trend

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