Method

LLC

ADF-Fisher

scf

−10.1120***

240.4668***

(0.0000)

(0.0000)

gdp

−8.1887***

133.7195***

(0.0000)

(0.0000)

i

−2.6171***

63.6262***

(0.0044)

(0.0030)

e

−12.9439***

317.6841***

(0.0000)

(0.0000)

usgdp

−6.6247***

118.8887***

(0.0000)

(0.0000)

usi

−2.3674***

70.3082***

(0.0090)

(0.0005)

VIX

−4.3695***

78.5643 ***

(0.0000)

(0.0001)

fsd

−5.3834 ***

105.6544 ***

(0.0000)

(0.0000)