Results of the unit root tests
| Acronym | ADF test | PP test | ||
|---|---|---|---|---|
| ADF test statistic (levels) | ADF test statistic (first difference) | PP test statistic (levels) | PP test statistic (first difference) | |
| PVTS | −6.478*** (0.133) | – | −6.500*** (0.133) | – |
| RGDPG | −3.031** (0.110) | – | −3.024** (0.110) | – |
| PUBS | −6.335*** (0.129) | – | −6.367*** (0.129) | – |
| RR | −3.105** (0.089) | – | −2.687* (0.059) | – |
| CPI | −4.781*** (0.119) | – | −4.631*** (0.119) | – |
| M2 | −2.892 (0.094) | −7.800*** (0.303) | −2.568 (0.094) | −20.428*** (0.127) |
| CA | −3.219** (0.094) | – | −3.021** (0.094) | – |
| UNEMPL | −1.321 (0.046) | −7.214*** (0.145) | −1.547 (0.046) | −7.372*** (0.145) |
| Acronym | ADF test | PP test | ||
|---|---|---|---|---|
| ADF test statistic (levels) | ADF test statistic (first difference) | PP test statistic (levels) | PP test statistic (first difference) | |
| PVTS | −6.478*** (0.133) | – | −6.500*** (0.133) | – |
| RGDPG | −3.031** (0.110) | – | −3.024** (0.110) | – |
| PUBS | −6.335*** (0.129) | – | −6.367*** (0.129) | – |
| RR | −3.105** (0.089) | – | −2.687* (0.059) | – |
| CPI | −4.781*** (0.119) | – | −4.631*** (0.119) | – |
| M2 | −2.892 (0.094) | −7.800*** (0.303) | −2.568 (0.094) | −20.428*** (0.127) |
| CA | −3.219** (0.094) | – | −3.021** (0.094) | – |
| UNEMPL | −1.321 (0.046) | −7.214*** (0.145) | −1.547 (0.046) | −7.372*** (0.145) |
Note(s): *, ** and *** refer to being statistically significant at 10%, 5% and 1%, respectively. Numbers in parentheses represent standard errors
Source(s): Author's calculations
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