Table 3.
Unit root test.
| Augmented Dickey-Fuller |
||||||||
|---|---|---|---|---|---|---|---|---|
| Variables | Level |
1st Difference |
||||||
| C | Sig. Level | C & T | Sig. Level | C | Sig. Level | C & T | Sig. Level | |
| MZP | 0.982 | no | 0.999 | no | 0.018 | ** | 0.091 | * |
| AVEGTP | 0.051 | * | 0.738 | no | 0.000 | *** | 0.000 | *** |
| CO2 | 0.712 | no | 0.003 | *** | 0.004 | *** | 0.000 | *** |
| PRPT | 0.0001 | *** | 0.767 | no | 0.000 | *** | 0.000 | *** |
| TWL | 0.039 | ** | 0.484 | no | 0.739 | no | 0.034 | ** |
| Phillip-Perron (PP) unit root tests | ||||||||
| MZP | 1.232 | no | 1.234 | no | 0.023 | ** | 0.019 | * |
| AVEGTP | 0.193 | no | 0.934 | no | 0.001 | *** | 0.000 | *** |
| CO2 | 0.982 | no | 0.074 | * | 0.008 | *** | 0.000 | *** |
| PRPT | 0.132 | no | 0.894 | no | 0.001 | *** | 0.000 | *** |
| TWL | 0.051 | no | 0.789 | no | 0.894 | no | 0.042 | ** |
Notes: (*) Significant at 10 %; (**) Significant at 5 %; (***) Significant at the 1, and (no) Not Significant, C represents the constant, C&T represents the constant and trend *MacKinnon (1996) one-sided p-values.