Unit root test using the expanded Phillips–Perron (PP) test
| Variable | The level | The first difference | The second difference |
|---|---|---|---|
| Ln (cc/M2) | −1.45 (0.5025) | −2.17 (0.0125) | – |
| Ln (1+(Tx/Y)) | −2.27 (0.3185) | −3.21 (0.3065) | 6.25 (0.0000*) |
| Ln (Ws/Y) | −2.11 (0.311) | −2.88 (0.116) | 5.87 (0.0000*) |
| Ln (GNIPC) | −0.45 (0.958) | −3.17 (0.213) | 8.88 (0.0000*) |
| Ln (ES) | −1.87 (47.294) | −2.85 (0.059) | 8.01 (0.0000*) |
| (R) | −2.89 (0.221) | −3.95 (0.006*) | – |
| Variable | The level | The first difference | The second difference |
|---|---|---|---|
| Ln (cc/M2) | −1.45 (0.5025) | −2.17 (0.0125) | – |
| Ln (1+(Tx/Y)) | −2.27 (0.3185) | −3.21 (0.3065) | 6.25 (0.0000*) |
| Ln (Ws/Y) | −2.11 (0.311) | −2.88 (0.116) | 5.87 (0.0000*) |
| Ln (GNIPC) | −0.45 (0.958) | −3.17 (0.213) | 8.88 (0.0000*) |
| Ln (ES) | −1.87 (47.294) | −2.85 (0.059) | 8.01 (0.0000*) |
| (R) | −2.89 (0.221) | −3.95 (0.006*) | – |
Note(s): *Rejection of the hypothesis of zero that does not keep the chain silent
Source(s): Own elaboration
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