Level | First Differences | |||||||
Currency | Intercept | LAG | Intercept & Trend | LAG | Intercept | LAG | Intercept & Trend | LAG |
EURO | −2.2584 | 8 | −2.3435 | 9 | −37.46186* | 11 | −37.50921* | 11 |
GBP | −1.6873 | 6 | −2.5881 | 8 | −34.47336* | 8 | −34.56479* | 10 |
USD | −0.8796 | 20 | −1.7004 | 20 | −28.77068* | 17 | −28.76248* | 17 |
JPY | −0.4059 | 6 | −1.0434 | 6 | −34.54471* | 5 | −34.57147* | 5 |
(Author’s Computation) |