Method

Statistic

Prob.**

Cross-sections

Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t*

−6.20065

0.0000

4

51

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat

−4.49508

0.0000

4

51

ADF - Fisher Chi-square

32.9636

0.0001

4

51

PP - Fisher Chi-square

39.0763

0.0000

4

52