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Panel unit root tests on the level of variables using CIPS, PESCADF and ADF.
| Variables | lcc | ytmd | lvix | ustd |
|---|---|---|---|---|
| t_stat | -5.69 | -2.81 | -3.54 | -3.56 |
| Critical value at | ||||
| 10% | -2.05 | -2.05 | -4.12 | -4.12 |
| 5% | -2.12 | -2.12 | -3.48 | -3.48 |
| 1% | -2.23 | -2.23 | -3.17 | -3.17 |
Notes: H0 = homogeneous non-stationarity; bi = 0 for all I; and t_stat denotes CIPS for ytmd, PESCDAF for lcc, and ADF for lvix and ustd. ADF tests are used for lvix and ust because they are variables common to all countries included in the panel.
