Im, et al. (2003)

Maddala and Wu (1999)

Order of integration

Variable

T-bar

Z (T-bar)

Modified Chi Squared Pm

Consumer goods

−1.13

0.911

−1.66

I(1)

ΔConsumer goods

−4.35*

−4.59*

6.11*

Intermediate goods

−0.903

1.49

−1.67

I(1)

∆Intermediate goods

−4.19*

−4.39*

5.43*

Capital goods

−1.03

−1.107

−1.71

I(1)

∆Capital goods

−4.61*

−4.78*

11.0*

Aggregate goods

−0.14

3.62

−1.18

I(1)

∆Aggregate goods

−3.86*

−4.09*

4.29*

GDP per capita

−0.958

−1.403

1.10

I(1)

∆GDP per capita

−3.03*

−2.39*

1.34*

Average tariff rate

−5.91*

−5.24*

2.39*

I(0)

Consumer goods relative import price

−2.209*

−1.871*

2.83*

I(0)

Intermediate goods relative import price

−2.358*

−1.459*

4.53*

I(0)

Capital goods relative import price

−2.644*

−2.361*

4.34*

I(0)

Aggregate goods relative import price

−2.173*

−1.066*

3.85*

I(0)

Exports

−4.240*

−4.525*

5.54*

I(0)

REER

−1.271

0.543

−0.71*

I(1)

∆REER

−0.462*

2.669*

−1.94*