Description

Differencing

Order of Integration

Levels

First Difference

t-Value

P-Value

t-Value

P-Value

LuSE Index

−2.0779

0.5535

−4.5611

0.0017

I(1)

REER

−1.941974

0.0540

−9.9055

0.0000

I(1)

Test critical values:

1% level

−4.019561

5% level

−3.439658

10% level

−3.144229