Table 3.

Panel unit root result (at level)

	ANS		HPREV		HEX
	Intercept	Trend	Intercept	Trend	Intercept	Trend
LLC	−5.73 (0.00)	3.54 (0.00)	−4.73 (0.00)	−2.02 (0.02)	−11.88 (0.00)	−11.45 (0.00)
IPS	−6.19 (0.00)	−4.74 (0.00)	−6.43 (0.00)	−-3.06 (0.00)	−9.35 (0.00)	−9.50 (0.00)
BREITUNG	--------------	-1.43 (0.08)	---------------	-1.50 (0.07)	---------------	-0.02 (0.49)
HADRI	4.21 (0.00)	4.13 (0.00)	2.81 (0.00)	6.89 (0.00)	9.99 (0.00)	11.11 (0.00)
ADF CHOI-Z	−6.05 (0.00)	−4.40 (0.00)	−6.09 (0.00)	−2.77 (0.00)	−7.52 (0.00)	−7.11 (0.00)
PP CHOI-Z	−7.72 (0.00)	−6.53 (0.00)	−5.19 (0.00)	−2.54 (0.01)	−3.98 (0.00)	−2.17 (0.02)

Note: the values in parentheses are the corresponding p- value