ADF tests

PP tests

Differentiated Values

Model with tendency

5% significance

t-statistic

P-value (%)

t-statistic

P-value (%)

∆y

∆x_p

∆x_ph

∆x_po

∆x_m

∆x_a

−4.518

−4.489

−4.239

_

−3.825

−5.095

2.06

1.09

1.75

_

3.77

0.38

−3.658

−3.661

−4.504

−5.121

−3.807

−8.639

2.06

1.06

1.06

0.32

3.92

0.0001