	T_B₁	T_B₂	f	Constant	D_1t	D_2t	DT_1t	DT_2t	k
Australia	1974	2004	−0.835 [−4.56]	0.004** [2.09]	0.001 [0.34]	−0.002 [−0.54]	−0.007*** [−2.98]	0.004** [2.59]	7
Canada	1975	1988	−0.909** [−6.30]	0.001 [1.21]	−0.017*** [−8.23]	−0.004* [−1.98]	0.003** [2.65]	−0.006*** [−5.24]	6
France	1979	1990	−1.060** [−5.82]	0.024*** [3.47]	−0.051*** [−2.79]	0.030* [1.70]	0.024*** [3.52]	−0.061*** [−5.31]	8
Germany	1979	1994	−1.025* [−5.31]	0.004* [1.90]	−0.005 [−0.96]	0.001 [−0.17]	0.006*** [3.16]	−0.008*** [−3.05]	7
Hong Kong	1975	1996	−0.719* [−5.52]	0.037*** [3.22]	−0.059*** [−3.23]	0.018 [1.00]	−0.004 [−0.43]	−0.028*** [−2.97]	7
Italy	1979	1989	−1.151** [−6.00]	0.506 [0.45]	−9.008** [−2.03]	5.955 [1.31]	10.953*** [4.72]	−15.603*** [−5.23]	8
Japan	1977	1992	−1.206 [−5.15]	0.039 [0.23]	−1.945*** [−4.80]	−0.328 [−0.92]	0.823*** [5.22]	−0.658*** [−3.22]	7
Korea	1974	1997	−1.542** [−6.07]	19.040*** [4.98]	14.108*** [3.72]	8.29*** [3.05]	−27.78*** [−5.71]	1.121 [1.23]	8
Malaysia	1989	1999	−0.491 [−3.92]	−0.001 [−0.51]	0.011* [1.76]	−0.002 [−0.30]	−0.008** [−2.66]	0.011*** [3.21]	1
New Zealand	1981	1990	−0.683** [−5.98]	0.001 [0.82]	−0.005 [−1.43]	−0.006 [−1.60]	0.001 [0.83]	−0.002 [−1.41]	2
Pakistan	1989	1999	−1.044 [−4.95]	−0.005 [−0.21]	0.171 [1.37]	−0.109 [−0.89]	−0.147*** [−2.91]	0.188*** [3.20]	5
Philippines	1974	1999	−1.132 [−5.08]	0.411*** [4.39]	0.376** [2.15]	−0.105 [−0.782]	−0.554*** [−4.95]	0.199*** [3.54]	8
Sri Lanka	1976	1990	−1.096*** [−6.59]	−0.134 [−1.51]	−0.794*** [−2.69]	−0.143 [−0.55]	1.185*** [5.51]	−1.21*** [−6.08]	5
Thailand	1991	1999	−0.793 [−5.11]	0.080*** [3.38]	0.077 [1.14]	−0.049 [−0.76]	−0.099*** [−2.70]	0.050* [1.69]	3
United Kingdom	1976	1995	−1.621*** [−7.23]	0.003*** [3.90]	0.004** [2.55]	−0.000 [−0.09]	−0.004*** [−5.39]	−0.001 [−1.533]	6
United States	1979	1995	−1.363 [−5.00]	0.003*** [2.86]	0.007*** [2.67]	−.001 [−0.25]	−0.006*** [−4.65]	0.001 [0.76]	5
Critical values for the LM test
	λ2
	0.4			0.6			0.8
λ1	1%	5%	10%	1%	5%	10%	1%	5%	10%
0.2	−6.16	−5.59	−5.27	−6.41	−5.74	−5.32	−6.33	−5.71	−5.33
0.4				−6.45	−5.67	−5.31	−6.42	−5.65	−5.32
0.6							−6.32	−5.73	−5.32