Variable | At level, I(0) | ADF t-statistics at difference | Order of integration | ||
Intercept | Intercept & trend | Intercept | Intercept & trend | Decision | |
AG | −5.758* | −5.98* | −10.019* | −9.858* | I(0, 1) |
P | −4.719* | −5.023* | −8.567* | −8.435* | I(0, 1) |
ALG | −0.590 | −2.204 | −3.212* | −3.344* | I(1) |
LG | −4.022* | −3.685* | −6.231* | −6.501* | I(0, 1) |
K | −1.244 | −4.022* | −6.042* | −5.852* | I(0, 1) |
TFP | −6.304* | −6.213* | −7.031* | −6.997* | I(0, 1) |
RER | 4.256* | 0.847 | −3.280* | −4.304* | I(0, 1) |
*MacKinnon (1996) with constant and no trend. critical values: 1% = −3.62, 5% = −2.94 and 10% level = −2.60 *Mackinnon (1996), with constant & trend. critical values: 1% = −4.22, 5% = −3.53 and 10% = −3.20 | *MacKinnon (1996) with constant & no trend. critical values: 1% = −3.62, 5% = −2.94 and 10% = −2.61 *MacKinnon (1996) with constant & trend. Critical values: 1% = −4.23, 5% = −3.54 and, 10% = −3.20. *shows that the variable indicated are stationary at 5%. |