Level | First difference | ||||||||
Variables | Constant | Break Point | Constant & trend | Break point | Constant | Break point | Constant & trend | Break point | I (d) |
| −2.988 (2) | 2001 | −3.029 (2) | 1994 | −4.839 (1)* | 2000 | −3.805 (1) | 2010 | I (1) |
| −3.670 (0) | 2003 | −2.602 (0) | 2011 | −6.257 (0)*** | 2008 | −6.038 (0)*** | 2005 | I (1) |
| −1.949 (0) | 1991 | −5.562 (0)*** | 1995 | −4.266 (4) | 1996 | −3.042 (4) | 2007 | I (0) |