Variables

ADF tests

PP test

Decision

Trend

No constant

Trend

No constant

LIpv

LTm

LPrec

LPib

−1.25

−5.64***

−5.69***

−1.48

6.63***

0.39

−0.31

3.82***

−1.25

5.64***

−5.69***

−1.49

6.63***

0.39

−0.31

3.82***

I(0)

I(0)

I(0)

I(0)

LIpv

LTm

LPrec

LPib

−1.34

−5.28***

−4.16***

−1.86

3.58***

0.57

−0.14

2.33**

−1.25

−5.64***

−5.70***

−1.63

5.92***

0.51

−0.22

3.49***

I(1)

I(1)

I(1)

I(1)