Table 1.
Augmented Dickey-Fuller unit root test
| Augmented Dickey-Fuller test statistic (ADF test) | ||
|---|---|---|
|
Variables (At level and 1st difference) |
t-statistics (With intercept but no trend) |
t-statistics (With intercept and trend) |
| LNRGDP | 4.474246*** | 0.686007 |
| Δ LNRGDP | −2.003811 | −6.946330 *** |
| LNGK | 1.915614 | −0.521410 |
| Δ LNGK | −8.009173*** | −8.721917*** |
| LNAID | −1.069158 | −1.819566 |
| Δ LNAID | −6.476680*** | −6.471244*** |
| LNEXD | −0.705581 | −3.093499 |
| Δ LNEXD | −5.365769*** | −5.299030*** |
| LNEXHE | 1.581999 | −1.388201 |
| Δ LNEXHE | −4.301148*** | −4.847467*** |
| LNEXT | 0.488362 | −1.993923 |
| Δ LNEXT | −5.689342*** | −5.812262*** |
| INF | −2.175149 | −2.242205 |
| Δ INF | −8.816405*** | −8.698005*** |
| Test critical values at | ||
| 1% [***] | −3.600987 | −4.198503 |
| 5% [**] | −2.935001 | −3.523623 |
| 10% [*] | −2.605836 | −3.192902 |
The rejection of the null hypothesis is based on MacKinnon (1996) critical values