Series

ADF test

value

Critical value

P value

Conclusion

1%

5%

10%

LNQYJ

−2.785002

−3.56831

−2.9212

−2.898551

0.0676

Non-stationary

LNPPI

0.019370

−2.61301

−1.9477

−1.612573

0.6842

Non-stationary

DLNQYJ

−5.906184

−2.61203

−1.9475

−1.61265

0.0001

stationary

DLNPPI

−4.933082

−2.61301

−1.9477

−1.612573

0.0000

stationary