Table 3 CIPS test results Level First... | Emerald Publishing

Table 3

CIPS test results

	Level		First difference
	Constant	Constant + Trend	Constant	Constant + Trend
Transition economies
LCOR	−2.049	−2.110	(−3.492)*	(−3.335)*
LPE	−2.060	−2.509	(−4.288)*	(−4.535)*
LNTR	−2.150	−2.347	(−3.970)*	(−3.967)*
G-7 countries
LCOR	−1.964	−2.022	(−3.599)*	(−3.646)*
LPE	−1.437	−1.458	(−3.891)*	(−4.606)*
LNTR	−2.190	−2.588	(−4.815)*	(−4.651)*

	Level		First difference
	Constant	Constant + Trend	Constant	Constant + Trend
Transition economies
LCOR	−2.049	−2.110	(−3.492)*	(−3.335)*
LPE	−2.060	−2.509	(−4.288)*	(−4.535)*
LNTR	−2.150	−2.347	(−3.970)*	(−3.967)*
G-7 countries
LCOR	−1.964	−2.022	(−3.599)*	(−3.646)*
LPE	−1.437	−1.458	(−3.891)*	(−4.606)*
LNTR	−2.190	−2.588	(−4.815)*	(−4.651)*

Note(s): * indicates 1% significance level. Null hypothesis: There is unit root

Source(s): The table is created by the authors