Variables | (C, T, N) | ADF test statistic | 1% level | 5% level | Conclusion |
LNEX | (C, 0, 0) | −0.029 | −3.510 | −2.896 | unstable |
DLNEX | (C, 0, 0) | −4.745 | −3.511 | −2.896 | stable |
LNER | (C, 0, 0) | −0.815 | −3.501 | −2.892 | unstable |
DLNER | (C, T, 0) | −5.822 | −4.058 | −3.458 | stable |
LNPPI | (C, 0, 0) | −2.168 | −3.502 | −2.892 | unstable |
DLNPPI | (C, 0, 0) | −4.951 | −3.501 | −2.892 | stable |