Variable

Testing method

ADF statistic

critical value (5%)

P-Value

Conclusion

LHP

(C,T,0)

−1.053286

−3.51074

0.9259

Unstable

ΔLHP

(C,T,2)

−3.944931

−2.926622

0.0037

Stable

LLP

(C,T,0)

−1.295094

−3.51074

0.8768

Unstable

ΔLLP

(C,T,3)

−4.077859

−2.925169

0.0025

stable