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Result of unit root test.
| variables | Level |
First Difference |
||
|---|---|---|---|---|
| ADF | PP | ADF | PP | |
| LnRERChina | -1.317 | -1.408 | -11.486*** | -11.475*** |
| LnRERIndia | -1.847 | -1.800 | -11.144*** | -13.663*** |
| LnRERJapan | -2.343 | -2.343 | -10.813*** | -10.787*** |
| LnRERKor | -1.775 | -1.726 | -13.353*** | -13.390*** |
| LnRERUSA | -1.700 | -1.732 | -10.803*** | -12.284*** |
Note. All variables are in log form, 2. *** Denotes significance at 1% level.
