Augmented Dickey-Fuller (ADF) Test

Philips-Perron (PP) Test

Variable

Level

1st Difference

Status

Level

1st Difference

Status

logfdit

−1.019524

(0.7301)

−2.506344

(0.3224)

−1.433259

(0.5517)

−12.35701***

(0.0000)

I(1)

logmsz

0.594886

(0.9870)

−5.235247***

(0.0013)

I(1)

0.538953

(0.9851)

−5.217091***

(0.0013)

I(1)

fex

−3.733436***

(0.0090)

I(0)

−3.833681***

(0.0071)

I(0)

dinfra

−3.383578**

(0.0207)

I(0)

−3.383578**

(0.0207)

I(0)

infl

−2.510853

(0.1237)

−3.435291*

(0.0712)

I(1)

−2.598355

(0.1052)

−5.767097

(0.0004)

I(1)

rintr

−5.308931***

(0.0002)

I(0)

−5.308896***

(0.0002)

I(0)

opn

−3.243412**

(0.0279)

I(0)

−3.154872**

(0.0338)

I(0)

gexp

−3.373271**

(0.0208)

I(0)

−3.426223**

(0.0185)

I(0)