Variable

Trend Specification

ADF Test Statistic

Break Date

Coefficient of Break Dummy(P values)

Conclusion

LRM2

LRGDP

EXCH

FINV

INF

INTSPR

USTB

Intercept

Intercept

Intercept

Intercept

Intercept

Intercept

Intercept

4.984135 (0.0046)***

4.826624 (0.003)***

5.084029 (0.000)***

3.249118 (0.0027)***

−2.884619 (0.0120)**

3.028482 (0.0048)***

−3.406098 (0.0019)***

2013

2012

1984

2004

1991

1986

2000

0.782144 (0.0000)***

0.627257 (0.0003)***

0.797234 (0.0000)***

0.200501 (0.000)***

−55.82653 (0.0000)***

6.07939 (0.0000)***

−1.737289 (0.0000)***

I(0)

I(0)

I(0)

I(0)

I(0)

I(0)

I(0)