Level | First Differences | |||||||
Currency | Intercept | LAG | Intercept & Trend | LAG | Intercept | LAG | Intercept & Trend | LAG |
EURO | −2.3816 | 1 | −2.4079 | 1 | −37.3551* | 0 | −10.92158* | 15 |
GBP | −1.3743 | 12 | −2.3051 | 12 | −10.6374* | 11 | −10.80607* | 11 |
USD | −0.8640 | 4 | −1.7783 | 4 | −12.08791* | 3 | −12.08343* | 3 |
JPY | −0.7595 | 10 | −1.2844 | 10 | −10.27241* | 8 | −10.32014* | 8 |
(Author’s Computation) |