TC15-24

ADF

PP

KPSS

t-

Statistic

Critical Value

I(d)

t-

statistic

Critical Value

I(d)

t-

statistic

Critical Value

I(d)

Model 3

−2.22

−3.59

-

−2.22

−3.59

-

0.16**

0.15

I(0)

Model 2

−2.26

−2.98

-

−2.26

−2.98

-

-

-

-

Model 1

−2.03**

−1.95

I(1)

−2.03**

−1.95

I(1)

RE15−24

Model 3

−1.82

−3.58

-

−1.95

−3.59

-

0.16**

0.15

I(0)

Model 2

−2.01

−2.98

-

−2.10

−2.97

-

Model 1

−1.98**

−1.95

I(1)

−2.06**

−1.95

I(1)

PIBHC

Model 3

−4.48

−3.58

-

−4.47

−3.58

-

0.09

0.14

-

Model 2

−4.53

−2.98

-

−4.56

−2.98

-

0.59**

0.46

I(0)

Model 1

−4.42***

−2.65

I(1)

−4.46***

−2.65

I(1)

M

Model 3

−4.55

−3.58

-

−4.52

−3.59

-

0.10

0.14

-

Model 2

−4.60

−2.98

-

−4.57

−2.98

-

0.60**

0.46

I(0)

Model 1

−4.45***

−1.95

I(1)

−4.43***

−2.65

I(1)

-

-

FBCFC

Model 3

−3.43

−3.59

-

−3.43

−3.59

-

0.09

0.14

-

Model 2

−3.4

−2.97

-

−3.49

−2.98

-

0.5**

0.46

I(0)

Model 1

−3.49**

−1.95

I(1)

−3.54**

−1.95

I(1)