Results from Test of Stationarity Using Phillip-Parron Unit Root Test

Phillip-Perron Test Statistics

Level/Δ Level

Bandwidth**

Adj. t-statistic

Prob*

Inference

Level Log GDP

3

−2.672486

0.0881

Non-stationary

Test critical values:

1% level

−3.615588

5% level

−2.941145

10% level

−2.609066

Δ Level Log GDP

2

−3.036783

0.0407

Stationary

Test critical values:

1% level

−3.621023

5% level

−2.943427

10% level

−2.610263

Level log EXCH

0

−3.77236

0.0067

Stationary

Test critical values:

1% level

−3.615588

5% level

−2.941145

10% level

−2.609066