Linear tests

Nonlinear test

Country

Lags

ADF

t-Stat

PP

t-Stat

KPSS

t-Stat

KSS

t-Stat

US

5

−32.4191***

−79.4678***

0.1229

−8.8876***

10

−23.7550***

−79.8371***

0.1334

−7.5204***

20

−16.9259***

−80.0088***

0.1381

−5.8589***

UK

5

−33.3257***

−75.4360***

0.0519

−6.8314***

10

−23.5909***

−75.7589***

0.0562

−4.4711***

20

−17.3729***

−76.2349***

0.0612

−2.9858***

GER

5

−31.8897***

−74.3820***

0.0624

−6.3861***

10

−22.7318***

−74.5340***

0.0666

−3.4338***

20

−16.0551***

−74.5598***

0.0672

−2.0239**

FRN

5

−33.5438***

−75.3145***

0.0516

−5.4997***

10

−24.1044***

−75.7370***

0.0573

−2.8954***

20

−16.1439***

−75.9618***

0.0598

−1.1300

CN

5

−29.7832***

−70.6734***

0.0650

−9.8030***

10

−21.0009***

−70.6684***

0.0653

−5.0273***

20

−14.2351***

−70.7926***

0.0604

−2.4464***

JP

5

−30.9740***

−74.5270***

0.1456

−8.5927***

10

−21.9923***

−74.6321***

0.1525

−6.5066***

20

−16.4256***

−74.6703***

0.1551

−5.1465***