Variables

Full sample (2000-2012)

Subsample (2005.07 onwards)

Test stat.

Level of significant

conclusion

Test stat.

Level of significant

conclusion

LREER

−8.72

1%

I(1)

−6.43

1%

I(1)

LORTB

−2.87

10%

I(0)

−2.93

5%

I(0)

LPROTB

−3.36

10%

I(0)

−3.83

5%

I(0)

LFD

−3.50

5%

I(0)

−2.63

10%

I(0)

LDD

−4.83

1%

I(1)

−2.77

10%

I(0)

LFDI

−3.25

10%

I(0)

−2.18

5%

I(1)

LOREX

−129.04

1%

I(2)

−1.64

10%

I(1)

LPROEX

−3.10

5%

I(1)

−2.25

5%

I(1)

LVATREBATE

−2.81

10%

I(0)

−3.83

5%

I(0)

LORIM

−3.49

1%

I(1)

−2.23

5%

I(1)

LPROIM

−1.74

10%

I(1)

−82.77

1%

I(2)