| Series | M-test | ADF-test | ||
| t-value | p-value | t-value | p-value | |
| Cu 1972-2008 | −9.341 | 1.17 × 10−10 | −9.341 | <1.00 × 10−2 |
| Cv 1972-2008 | −6.776 | 1.38 × 10−07 | −6.776 | <1.00 × 10−2 |
| Cx 1998-2008 | −5.740 | 7.05 × 10−4 | −5.740 | <1.00 × 10−2 |
| Cy 1998-2008 | −3.523 | 9.68 × 10−3 | −3.523 | 1.81 × 10−2 |
| Px 1998-2008 | −5.474 | 9.32 × 10−4 | −5.474 | <1.00 × 10−2 |
| Py 1998-2008 | −2.497 | 4.12 × 10−2 | −2.497 | 1.47 × 10−2 |
| w 1972-2008 | −7.073 | 5.06 × 10−8 | −7.073 | <1.00 × 10−2 |
| z 1972-2008 | −6.879 | 1.04 × 10−07 | −6.879 | <1.00 × 10−2 |
| w 1998-2008 | −5.946 | 5.73 × 10−4 | −5.946 | <1.00 × 10−2 |
| z 1998-2008 | −8.747 | 5.14 × 10−5 | −8.747 | <1.00 × 10−2 |
| l 1972-2008 | −9.874 | 3.09 × 10−11 | −9.874 | <1.00 × 10−2 |
| l 1998-2008 | −4.383 | 3.22 × 10−3 | −4.383 | <1.00 × 10−2 |
| b 1972-2006 | −6.948 | 8.55 × 10−8 | −6.948 | <1.00 × 10−2 |
| b 1998-2006 | −3.860 | 1.19 × 10−2 | −3.860 | <1.00 × 10−2 |