Table 3 ADF and Philip Perron unit root... | Emerald Publishing

Table 3

ADF and Philip Perron unit root tests results

Variables	Unit root tests
	ADF test			Philip Perron test
	Level	First difference	Status	Level	First difference	Status
GFD	−2.9843**	−6.8499**	I(0)	−2.9843**	−7.8362**	I(0)
GINT	−2.4623	−5.2367**	I(1)	−2.4357	−6.7060**	I(1)
GGDP	−2.3517	−13.0659**	I(1)	−5.2239**	−14.0334**	I(0)
GPOP	−4.7644**	−2.9805**	I(0)	−2.2895	−4.3525**	I(1)
GEXC	−1.0708	−5.2899**	I(1)	−1.0685	−5.2792**	I(1)
GINV	−3.1871**	−4.7623**	I(0)	−3.1502**	−4.7623**	I(0)
GINF	−2.8592	−5.5147**	I(1)	−2.7317	−9.3988**	I(1)

Variables	Unit root tests
	ADF test			Philip Perron test
	Level	First difference	Status	Level	First difference	Status
GFD	−2.9843**	−6.8499**	I(0)	−2.9843**	−7.8362**	I(0)
GINT	−2.4623	−5.2367**	I(1)	−2.4357	−6.7060**	I(1)
GGDP	−2.3517	−13.0659**	I(1)	−5.2239**	−14.0334**	I(0)
GPOP	−4.7644**	−2.9805**	I(0)	−2.2895	−4.3525**	I(1)
GEXC	−1.0708	−5.2899**	I(1)	−1.0685	−5.2792**	I(1)
GINV	−3.1871**	−4.7623**	I(0)	−3.1502**	−4.7623**	I(0)
GINF	−2.8592	−5.5147**	I(1)	−2.7317	−9.3988**	I(1)

Note(s): ADF is Augmented Dickey-Fuller. ** indicates rejection of the null hypothesis of non-stationary at 5% level of significance

Source(s): Authors’ computations