| Unit root test at level | Unit root test at the first difference |
| Null hypothesis: Unit root (individual unit root process) | Null hypothesis: Unit root (individual unit root process) |
| Series: Relative Real Exchange Rate | Series: D (Relative Real Exchange Rate) |
| Sample: 2005M01 2019M12 | Sample: 2005M01 2019M12 |
| Exogenous variables: Individual effects | Exogenous variables: Individual effects |
| Automatic selection of maximum lags | Automatic selection of maximum lags |
| Automatic lag length selection based on SIC: 0 to 2 | Automatic lag length selection based on SIC: 0 to 1 |
| Total number of observations: 7569 | Total number of observations: 7546 |
| Cross-sections included: 43 | |
| Method: lm, Pesaran and Shin W-stat | |
| Prob.** = 1.0000 | Prob.** = 0.0000 |