Table 2 Stationarity test results on the...

Table 2

Stationarity test results on the basis of the Augmented Dickey–Fuller (ADF) test

Variable	Null hypothesis The unit root appears	With constant		Constant and trend
Variable	Null hypothesis The unit root appears	Test statistic τ_ct (1)	Asymptotic p-value	Test statistic τ_ct (1)	Asymptotic p-value
${G D P}_{t}$	a = 1 process I (1)	−3.00205	0.03472	−2.4350	0.3612
${F D I_I S}_{t}$		−4.65799	0.00278	−4.4208	0.0167
${F D I_O S}_{t}$		−3.87557	0.00223	−2.6116	0.2750

Variable	Null hypothesisThe unit root appears	With constant		Constant and trend
Variable	Null hypothesisThe unit root appears	Test statisticτ_ct (1)	Asymptoticp-value	Test statisticτ_ct (1)	Asymptoticp-value
${G D P}_{t}$	a = 1 process I (1)	−3.00205	0.03472	−2.4350	0.3612
${F D I_I S}_{t}$		−4.65799	0.00278	−4.4208	0.0167
${F D I_O S}_{t}$		−3.87557	0.00223	−2.6116	0.2750