Variables

ADF p-value

KPSS test statistic

KPSS 5%

Asymptotic critical values

Stationarity

US

0.9287

3.800

0.4630

Non-stationary

UK

0.7479

4.0107

0.4630

Non-stationary

HK

0.4047

2.2054

0.4630

Non-stationary

JAPAN

0.8417

1.5947

0.4630

Non-stationary

dUS

0.0001

0.2737

0.4630

Stationary

dUK

0.0001

0.1230

0.4630

Stationary

dHK

0.0001

0.0568

0.4630

Stationary

dJAPAN

0.0001

0.3470

0.4630

Stationary