Variables | With Constant | With Constant and Trend | ||||
Lag Order | t-statistic | p-value | Lag Order | t-statistic | p-value | |
LNSX | 1 | −0.558090 | 0.8760 | 1 | −3.352376 | 0.0604 |
ΔLNSX | 0 | −13.52974* | 0.0000 | 0 | −13.55193* | 0.0000 |
LNCD | 0 | −2.140186 | 0.2292 | 0 | −2.128569 | 0.5269 |
ΔLNCD | 0 | −19.98962* | 0.0000 | 0 | −19.94855* | 0.0000 |
LNCP | 6 | −2.300291 | 0.1727 | 6 | −2.326949 | 0.4174 |
ΔLNCP | 5 | −5.528649* | 0.0000 | 5 | −5.518630* | 0.0000 |
LNCR | 1 | −2.209872 | 0.2034 | 1 | −2.238404 | 0.4658 |
ΔLNCR | 0 | −25.17840* | 0.0000 | 0 | −25.12753* | 0.0000 |
LNTBL | 1 | −1.735778 | 0.4120 | 1 | −1.805087 | 0.6996 |
ΔLNTBL | 0 | −12.73168* | 0.0000 | 0 | −12.70629* | 0.0000 |