Panel A: Data at Level

Variables

ADF Unit Roots Test

KPSS Unit Roots Test

Trend and Intercept

Intercept

Trend and Intercept

Intercept

LDSEGEN

−2.263817

−1.262698

0.716817*

LIPI

−2.488473

0.044380

0.704326*

LINT

−2.483544

−2.827551

0.412625*

LCPI

−1.427023

VAR is Unstable

0.644902*

LEXR

−1.133125

−1.520495

1.967746*

LM2

−2.095373

VAR is Unstable

0.533282*

LGDPRICE

−1.794687

VAR is Unstable

1.104973*

Panel B: Data at First Difference

LDSEGEN

−10.92199*

0.065762

0.068174

LIPI

−10.73396*

0.023075

0.069558

LINT

−7.228364*

0.106635

0.173518

LCPI

−3.659916*

0.065971

0.781329*

LEXR

−16.24530*

0.079713

0.266188

LM2

−2.557102

−2.409351

0.109546

0.109546

LGDPRICE

−7.275343*

0.209403*

0.410658

Panel C: Data at Second Difference

LM2

−9.670536*