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 | |
| 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)* |
| 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
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