Variable

Test

Statistic

Prob**

Cross-

sections

Obs

LPTF

Ho: Unit root (common unit root)

Levin, Lin & Chu t*

−2.34285

0.0096

16

859

Breitung t-stat

0.1383

0.555

16

843

Ho: Unit root (individual unit root)

Im, Pesaran and Shin W-stat

−0.95658

0.1694

16

859

ADF—Fisher Chi-square

34.631

0.3434

16

859

PP—Fisher Chi-square

35.5284

0.3055

16

864

LG

Ho: Unit root (common unit root)

Levin, Lin & Chu t*

1.35975

0.913

16

854

Breitung t-stat

1.33092

0.9084

16

838

Ho: Unit root (individual unit root)