Varibles

(C, T, L)

T-stastics

p-value

Smoothness

CPI

(C, T, 12)

−0.6131

0.9754

Stationary

dCPI

(C, T, 12)

−7.263192

0.0000

Stationary

RM2

(C, T, 12)

−1.604307

0.7821

Non-stationary

dRM2

(C, T, 12)

−6.167182

0.0000

Stationary

EXR

(C, 0, 12)

−5.017896

0.0001

Stationary

dEXR

(C, 0, 12)

−8.540224

0.0000

Stationary

FDI

(C, T, 12)

−1.057897

0.9285

Non-stationary

dFDI

(C, T, 12)

−3.920798

0.0161

Stationary

RES

(C, T, 12)

−0.649772

0.9731

Non-stationary

dRES

(C, T, 12)

−7.633750

0.0000

Stationary

AM2

(C, T, 12)

−2.034470

0.5736

Non-stationary

dUSM2

(C, T, 12)

−4.109890

0.0091

Stationary

TRADEF

(C, 0, 12)

−4.823142

0.0001

Stationary

dTRADEF

(C, 0, 12)

−12.69718

0.0001

Stationary

CRB

(C, T, 12)

−4.534960

0.0024

Stationary

dCRB

(C, T, 12)

−10.61541

0.0000

Stationary