ADF

PP

Returns

−17.4094 [0.0000]***

−17.4007 [0.0000]***

Korean Money supply (M1)

−19.3145 [0.0000]***

−19.4475 [0.0000]***

Korean Money supply (M2)

−5.0643 [0.0002]***

−23.9493 [0.0000]***

Korean Money supply (Lf)

−4.1804 [0.0053]***

−18.7636 [0.0000]***

US Money supply (M1)

−4.4228 [0.0022]***

−19.2469 [0.0000]***

US Money supply (M2)

−5.9434 [0.0000]***

−12.7542 [0.0000]***

US Money supply (M3)

−2.3307 [0.4156]

−10.6707 [0.0000]***