Table 4.
Panel unit root result (at first difference)
| ANS | HPREV | HEX | ||||
|---|---|---|---|---|---|---|
| Intercept | Trend | Intercept | Trend | Intercept | Trend | |
| LLC | −21.93 (0.00) | −18.33 (0.00) | −13.22 (0.00) | −8.45 (0.00) | −11.57 (0.00) | −8.21 (0.00) |
| IPS | −22.13 (0.00) | −19.76 (0.00) | −16.83 (0.00) | −13.11 (0.00) | −8.47 (0.00) | −6.58 (0.00) |
| BREITUNG | ---------------- | −8.22 (0.00) | ------------- | −1.65 (0.05) | -------------- | −2.52 (0.01) |
| HADRI | 3.24 (0.00) | 17.42 (0.00) | −0.71 (0.76) | 8.94 (0.00) | 9.73 (0.00) | 11.63 (0.00) |
| ADF CHOI-Z | −17.43 (0.00) | −15.16 (0.00) | −14.23 (0.00) | −10.99 (0.00) | −7.23 (0.00) | −5.06 (0.00) |
| PP CHOI-Z | −21.80 (0.00) | −24.35 (0.00) | −17.81 (0.00) | −16.50 (0.00) | −6.00 (0.00) | −4.95 (0.00) |
Note: the values in parentheses are the corresponding p-value