Table 2.
Unit root test results.
| Test Methods | lnce | li | fi | mc | rd | ci | cp | is |
|---|---|---|---|---|---|---|---|---|
| Im–Pesaran–Shin | −9.6188 *** | −2.9946 *** | −2.4410 *** | −4.2606 *** | −32.9293 *** | −30.8276 *** | −5.0938 *** | −6.1442 *** |
| (0.0000) | (0.0014) | (0.0073) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | |
| Augmented Dickey-Ful | 62.5004 *** | 31.3095 *** | 25.3356 ** | 38.4402 *** | 36.0072 *** | 48.7172 *** | 44.3255 *** | 52.6615 *** |
| (0.0000) | (0.0018) | (0.0133) | (0.0001) | (0.0003) | (0.0000) | (0.0000) | (0.0000) | |
| Phillips-Perron Fisher | 66.2498 *** | 29.9475 *** | 21.4477 ** | 43.4099 *** | 52.1090 *** | 45.2106 *** | 57.3793 *** | 52.0816 *** |
| (0.0000) | (0.0028) | (0.0442) | (0.0000) | (0.0000) | (0.0000) | (0.0000) | (0.0000) |
Note: () is t-test statistic; *** and ** are significant at 1% and 5% significance levels, respectively.