Table 2.
Augmented dickey fuller (ADF) stationary test results.
| Variables | Level value | First difference | ||||
|---|---|---|---|---|---|---|
| None | Intercept | Trend and intercept | None | Intercept | Trend and intercept | |
| USD | 1.0078(0) | −2.0151(0) | −2.7693(0) | −9.22638(0)∗ | −9.3790(0) | −9.357046(0) |
| 0.9172 (p value) | 0.2802 (p value) | 0.2107 (p value) | 0.000 (p value) | 0.000 (p value) | 0.000 (p value) | |
|
| ||||||
| BIST | 1.5502(0) | 0.0584(0) | −3.0669(1) | −11.1903(0)∗ | −11.3511(0) | −11.3634(0) |
| 0.9702 (p value) | 0.9616 (p value) | 0.1176 (p value) | 0.000 (p value) | 0.000 (p value) | 0.000 (p value) | |
|
| ||||||
| GP | 1.3376(1) | 0.3920(1) | −2.0456(1) | −9.9681(0)∗ | −10.2438(0) | −10.2221(0) |
| 0.9543 | 0.9066 (p value) | 0.5719 | 0.000 | 0.000 | 0.000 | |
“∗” means meaningful according to 5% significance level.