Table 4.

Zivot-Andrew break test

Variables	Ziv-A	Prob	Lg	Break period	CV@ (1%)	CV@ (5%)
LCO2	−3.74868	0.3632	4	2003Q2	−5.57	−5.08
LGDP	−4.07140	0.0018***	4	2009Q2	−5.57	−5.08
LIQ	−4.87723	0.03958**	4	2003Q2	−5.57	−5.08
FDI	−5.3099	0.0010***	4	2010Q2	−5.57	−5.08
LFF	−5.08214	0.0674*	4	2010Q2	−5.57	−5.08
LRE	−2.1459	0.00016***	4	2014Q2	−5.57	−5.08
D LCO2	−3.74868	0.3632	4	2003Q2	−5.57	−5.08
DLGDP	−3.42126	0.4019	4	2003Q2	−5.57	−5.08
DLIQ	−3.78407	0.37841	4	2000Q2	−5.57	−5.08
DFDI	−5.4905	0.0104*	4	2010Q2	−5.57	−5.08
DFF	−3.5537	0.0616*	4	2012Q2	−5.57	−5.08
DLRE	−4.8337	0.28315	4	2008Q2	−5.57	−5.08

The signs depict (*) significant at the 10%; (**) significant at the 5%; (***) significant at the 1%, and (no) not significant

*MacKinnon (1996) one-sided p-values