Table 3 IPS unit root test Variables... | Emerald Publishing

Table 3

IPS unit root test

Variables	Level		1st difference		Remark
Variables		Trend		Trend	Remark
${l n X}_{i, t}$	0.2004	−0.2927	−11.1591***	−9.5824***	I1
${l n M}_{i, t}$	0.2584	1.0426	−10.5845***	−9.0187***	I1
${l n T}_{1, i, t}$	−3.2604***	4.4297	0.2125	−0.9582	I0
${l n T}_{2, i, t}$	−2.2688**	3.0698	−2.4333***	−3.2912***	I0
${l n T}_{3, i, t}$	5.2673	2.3674	−1.8863**	−1.7867*	I1
${l n Y}_{i, t}$	1.8736	−0.4175	−5.7548 ***	−3.5412***	I1
${l n F}_{i, t}$	1.4026	1.3275	−4.3607***	−2.3164***	I1
${l n R}_{i, t}$	−1.6684**	−1.6441*	−7.2669***	−6.0248***	I0

Variables	Level		1st difference		Remark
Variables		Trend		Trend	Remark
${l n X}_{i, t}$	0.2004	−0.2927	−11.1591***	−9.5824***	I1
${l n M}_{i, t}$	0.2584	1.0426	−10.5845***	−9.0187***	I1
${l n T}_{1, i, t}$	−3.2604***	4.4297	0.2125	−0.9582	I0
${l n T}_{2, i, t}$	−2.2688**	3.0698	−2.4333***	−3.2912***	I0
${l n T}_{3, i, t}$	5.2673	2.3674	−1.8863**	−1.7867*	I1
${l n Y}_{i, t}$	1.8736	−0.4175	−5.7548 ***	−3.5412***	I1
${l n F}_{i, t}$	1.4026	1.3275	−4.3607***	−2.3164***	I1
${l n R}_{i, t}$	−1.6684**	−1.6441*	−7.2669***	−6.0248***	I0

Source(s): Author's computation