Zivot and Andrews’ (1992) unit root tests
| Unit root at levels | Unit root at first differences | |||
|---|---|---|---|---|
| Variable | t-statistic | Year of break | t-statistic | Year of break |
| LNOWB | −5.330* (0, I) | 2005 | −3.122**(1, I) | 2008 |
| LNSWB | −3.459** (0, I) | 2004 | −6.911* (0, I) | 1990 |
| LNHWB | −1.633 (0, I) | 1987 | −6.449**(0, I) | 2008 |
| LNTOUR | −3.588** (0, I) | 2004 | −7.831* (0,I) | 2000 |
| Unit root at levels | Unit root at first differences | |||
|---|---|---|---|---|
| Variable | Year of break | Year of break | ||
| LNOWB | −5.330 | 2005 | −3.122 | 2008 |
| LNSWB | −3.459 | 2004 | −6.911 | 1990 |
| LNHWB | −1.633 (0, I) | 1987 | −6.449 | 2008 |
| LNTOUR | −3.588 | 2004 | −7.831 | 2000 |
Notes:
*, ** and *** refer to rejection of null hypothesis that unit root exist at 1%, 5% and 10%, respectively. () refers to optimal breaks
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