Variables

ADF

PP

Remarks

At level

First difference

Lag: SIC

Max

At level

First difference

Bandwidth

(NW)

LNGDP

0.42 (0.981)

−4.22***

(0.002)

9

0.31

(0.976)

−4.19***

(0.002)

AS

I(1)

LNEP

−0.73

(0.826)

−8.72***

(0.000)

9

−0.92

(0.770)

−9.12***

(0.000)

AS

I(1)

LNIMP

−0.14

(0.937)

−5.75***

(0.000)

9

−0.13

(0.939)

−5.75***

(0.000)

AS

I(1)

LNINF

−2.04

(0.270)

−7.99***

(0.000)

5

−3.26

(0.024)

−9.80***

(0.000)

AS

I(1)

LNGCF

−0.54

(0.871)

−4.02***

(0.004)

9

0.19

(0.968)

−3.94***

(0.005)

AS

I(1)