Unit root tests
| Variables | ADF test | PP test | Order of integration | ||
|---|---|---|---|---|---|
| Intercept | Intercept and trend | Intercept | Intercept and trend | ||
| LGDP | 5.5975 (1.0000) | 0.7332 (0.9995) | 5.9729 (1.0000) | 0.8598 (0.9997) | |
| LEDG | 0.3983 (0.9802) | −2.6185 (0.2748) | −0.0821 (0.9441) | −2.6611 (0.2576) | |
| LBDG | −1.6485 (0.4484) | −2.6550 (0.2600) | −1.8415 (0.3553) | −2.9233 (0.1672) | |
| LINF | −3.1653 (0.0303) | −2.7032 (0.2417) | −2.1531 (0.2262) | −3.1263 (0.1153) | |
| LTO | −0.7803 (0.8130) | −2.8666 (0.1844) | −0.8086 (0.8049) | −2.9518 (0.1590) | |
| LSER | −1.3411 (0.5997) | −2.9520 (0.1603) | −0.4213 (0.8950) | −1.6605 (0.7485) | |
| LP | −2.6873 (0.0858) | 0.0120 (0.9949) | −2.4779 (0.1289) | 0.0120 (0.9949) | |
| LMD | −0.8327 (0.7951) | 4.4682 (1.0000) | −2.0624 (0.2604) | 6.5920 (1.0000) | |
| ΔLGDP | −1.6687 (0.4379) | −8.3127 (0.0000) | −3.8421 (0.0058) | −10.649 (0.0000) | I(1) |
| ΔLEDG | −4.5975 (0.0007) | −5.6783 (0.0002) | −4.5328 (0.0009) | −5.6738 (0.0002) | I(1) |
| ΔLBDG | −6.4244 (0.0000) | −6.2661 (0.0000) | −6.3784 (0.0000) | −6.2333 (0.0000) | I(1) |
| ΔLINF | −3.5461 (0.0122) | −3.5869 (0.0452) | −3.5461 (0.0122) | −3.5987 (0.0441) | I(1) |
| ΔLTO | −6.4708 (0.0000) | −6.3344 (0.0000) | −6.4708 (0.0000) | −6.3344 (0.0000) | I(1) |
| ΔLSER | −4.9099 (0.0003) | −4.8618 (0.0020) | −4.9780 (0.0003) | −4.9282 (0.0017) | I(1) |
| ΔLP | −3.9563 (0.0043) | −4.7637 (0.0026) | −3.9286 (0.0046) | −4.6571 (0.0034) | I(1) |
| ΔLMD | −2.6134 (0.0996) | −4.9588 (0.0016) | −2.4475 (0.1365) | −4.9588 (0.0016) | I(1) |
| Variables | ADF test | PP test | Order of integration | ||
|---|---|---|---|---|---|
| Intercept | Intercept and trend | Intercept | Intercept and trend | ||
| 5.5975 (1.0000) | 0.7332 (0.9995) | 5.9729 (1.0000) | 0.8598 (0.9997) | ||
| 0.3983 (0.9802) | −2.6185 (0.2748) | −0.0821 (0.9441) | −2.6611 (0.2576) | ||
| −1.6485 (0.4484) | −2.6550 (0.2600) | −1.8415 (0.3553) | −2.9233 (0.1672) | ||
| −3.1653 (0.0303) | −2.7032 (0.2417) | −2.1531 (0.2262) | −3.1263 (0.1153) | ||
| −0.7803 (0.8130) | −2.8666 (0.1844) | −0.8086 (0.8049) | −2.9518 (0.1590) | ||
| −1.3411 (0.5997) | −2.9520 (0.1603) | −0.4213 (0.8950) | −1.6605 (0.7485) | ||
| −2.6873 (0.0858) | 0.0120 (0.9949) | −2.4779 (0.1289) | 0.0120 (0.9949) | ||
| −0.8327 (0.7951) | 4.4682 (1.0000) | −2.0624 (0.2604) | 6.5920 (1.0000) | ||
| −1.6687 (0.4379) | −8.3127 (0.0000) | −3.8421 (0.0058) | −10.649 (0.0000) | I(1) | |
| −4.5975 (0.0007) | −5.6783 (0.0002) | −4.5328 (0.0009) | −5.6738 (0.0002) | I(1) | |
| −6.4244 (0.0000) | −6.2661 (0.0000) | −6.3784 (0.0000) | −6.2333 (0.0000) | I(1) | |
| −3.5461 (0.0122) | −3.5869 (0.0452) | −3.5461 (0.0122) | −3.5987 (0.0441) | I(1) | |
| −6.4708 (0.0000) | −6.3344 (0.0000) | −6.4708 (0.0000) | −6.3344 (0.0000) | I(1) | |
| −4.9099 (0.0003) | −4.8618 (0.0020) | −4.9780 (0.0003) | −4.9282 (0.0017) | I(1) | |
| −3.9563 (0.0043) | −4.7637 (0.0026) | −3.9286 (0.0046) | −4.6571 (0.0034) | I(1) | |
| −2.6134 (0.0996) | −4.9588 (0.0016) | −2.4475 (0.1365) | −4.9588 (0.0016) | I(1) | |