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* |
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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* |
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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* |
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