Variable | Level of test | t-statistics (ADF test ) | Conclusion of ADF test (5% level) | t-statistics (Phillips -Perron test) | Conclusion of Phillips-Perron test |
DEBT | Level | 4.24 | unit root | 3.51 | unit root |
First difference | −3.32 | No unit root (10%) | −6.06 | No unit root | |
GDP | Level | 1.45 | unit root | 1.49 | unit root |
First difference | −8.02 | No unit root | −8.02 | No unit root | |
NDWELL | Level | −1.72 | unit root | −1.95 | unit root |
First difference | −4.82 | No unit root | −4.78 | No unit root | |
HPI | Level | −1.72 | unit root | −1.95 | unit root |
First difference | −4.82 | No unit root | −4.78 | No unit root | |
R | Level | −2.32 | unit root | −1.67 | unit root |
First difference | −3.99 | No unit root | −3.96 | No unit root | |
ER | Level | −1.18 | unit root | −1.24 | unit root |
First difference | −4.60 | No unit root | −7.44 | No unit root | |
U | Level | −3.81 | unit root | −1.75 | unit root |
First difference | −2.47 | No unit root | −3.85 | No unit root | |
NX | Level | −1.79 | unit root | −0.84 | unit root |
First difference | −3.16 | No unit root | −7.85 | No unit root | |
CPI | Level | −1.70 | unit root | −2.24 | unit root |
First difference | −6.37 | No unit root | −6.65 | No unit root | |
POP | Level | −0.59 | unit root | −0.65 | unit root |
First difference | −3.11 | No unit root (10%) | −8.53 | unit root |