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