variable

(C, T, L)

ADFStatistics

Critical value

p value

conclusion

1%

5%

lnX₁

(C, 0, 4)

−1.6264

−3.6394

−2.9511

0.4585

Non-stationary

lnX₂

(0, 0, 2)

−2.4144**

−2.6308

−1.9504

0.0172

smooth

lnX₃

(C, T, 2)

−5.1290***

−4.2350

−3.5403

0.0010

smooth

lnX₄

(0, 0, 2)

2.4258

−2.6308

−1.9504

0.9954

Non-stationary

Y

(C, 0, 9)

−43.0556***

−3.6793

−2.9678

0.0001

smooth

dlnX₁

(C, T, 3)

−3.7998**

−4.2529

−3.5485

0.0289

smooth

dlnxX₄

(C, 0, 1)

−3.6202**

−3.6268

−2.9458

0.0102

smooth