Table 2.
Augmented Dickey-Fuller Test | ||||
---|---|---|---|---|
Country | Transformation | Dickey-Fuller | Lag order | p-value |
SA | Level | 1.9046 | 4 | 0.99 |
Difference 1 | −7.1958 | 4 | 0.01∗ | |
Difference 2 | −8.3223 | 4 | 0.01∗ | |
NIGERIA | Level | −3.0307 | 4 | 0.1491 |
Difference 1 | −7.235 | 4 | 0.01∗ | |
GHANA | Level | −2.831 | 4 | 0.2319 |
Difference 1 | −6.2974 | 4 | 0.01∗ | |
EGYPT | Level | −0.91781 | 4 | 0.9474 |
Difference 1 | −7.4097 | 4 | 0.01∗ |
∗ significant and thus stationary at that level.