Table A3 Unit root test (quarterly data)...

Table A3

Unit root test (quarterly data)

	At level		First difference
	ADF	PP	ADF	PP
CAC
Belize	−2.9789	−2.9101	−5.9206***	−14.7329***
Costa Rica	−1.3054	−1.1332	−7.0325***	−7.1687***
El Salvador	0.1877	0.3258	−5.0791***	−5.0753**
Guatemala	−0.0958	−0.0997	−7.9232***	−7.9142***
Honduras	−0.6448	−0.6481	−9.5682***	−9.4870***
Nicaragua	−0.6943	−0.6683	−9.5346***	−9.6781***
Panama	−0.3826	−0.3782	−7.7066***	−7.8285***
Dominican Rep.	0.9573	0.6204	−6.3401***	−6.4936***
Mexico	0.0735	0.1551	−6.0009***	−5.3896***
SA
Argentina	−1.5201	−1.5201	−6.7772***	−6.8626***
Bolivia	1.0168	1.4400	−10.8223***	−11.2948***
Brazil	−1.8595	−1.8559	−5.2210***	−5.2210***
Chile	−1.3510	−1.3821	−5.4562***	−5.4848***
Colombia	−1.3581	−1.2409	−8.5266***	−8.6425***
Ecuador	−1.7120	−1.8256	−5.6100***	−5.5825***
Paraguay	0.0154	0.0998	−10.8477***	−10.8373***
Peru	−2.0948	−1.8247	−6.1000***	−6.0338***
Uruguay	0.1041	−0.0827	−7.0873***	−7.0818***
Venezuela	−0.9545	−0.9869	−3.2655**	−7.4549***
Global outputs
US	−0.3985	−0.3744	−5.4234***	−5.4785***
EU	−0.9086	−0.5785	−3.4872***	−3.4872**
China	0.4920	0.7644	−5.8261***	−5.8209***

	At level		First difference
	ADF	PP	ADF	PP
CAC
Belize	−2.9789	−2.9101	−5.9206***	−14.7329***
Costa Rica	−1.3054	−1.1332	−7.0325***	−7.1687***
El Salvador	0.1877	0.3258	−5.0791***	−5.0753**
Guatemala	−0.0958	−0.0997	−7.9232***	−7.9142***
Honduras	−0.6448	−0.6481	−9.5682***	−9.4870***
Nicaragua	−0.6943	−0.6683	−9.5346***	−9.6781***
Panama	−0.3826	−0.3782	−7.7066***	−7.8285***
Dominican Rep.	0.9573	0.6204	−6.3401***	−6.4936***
Mexico	0.0735	0.1551	−6.0009***	−5.3896***
SA
Argentina	−1.5201	−1.5201	−6.7772***	−6.8626***
Bolivia	1.0168	1.4400	−10.8223***	−11.2948***
Brazil	−1.8595	−1.8559	−5.2210***	−5.2210***
Chile	−1.3510	−1.3821	−5.4562***	−5.4848***
Colombia	−1.3581	−1.2409	−8.5266***	−8.6425***
Ecuador	−1.7120	−1.8256	−5.6100***	−5.5825***
Paraguay	0.0154	0.0998	−10.8477***	−10.8373***
Peru	−2.0948	−1.8247	−6.1000***	−6.0338***
Uruguay	0.1041	−0.0827	−7.0873***	−7.0818***
Venezuela	−0.9545	−0.9869	−3.2655**	−7.4549***
Global outputs
US	−0.3985	−0.3744	−5.4234***	−5.4785***
EU	−0.9086	−0.5785	−3.4872***	−3.4872**
China	0.4920	0.7644	−5.8261***	−5.8209***

Note(s): The asterisks ***, ** and * indicate the rejection of the unit root null hypothesis at the 1%, 5% and 10% significance levels, respectively. For ADF, the optimal lag length was elected by Schwarz Info Criterion. The null hypothesis in all tests assumes that variables have unit root

Source(s): Own elaboration

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