Table 3.

Results from the CADF and CIPS panel unit root tests.

Group	GRSI	ΔGRSI	Confirmed	ΔConfirmed	Death	ΔDeath
ALL
CADF	-2.311	-6.203⁎⁎*	-2.289	-6.404⁎⁎*	-2.178	-6.420⁎⁎*
CIPS	-2.295	-5.980⁎⁎*	-2.381	-6.175⁎⁎*	-2.474	-6.190⁎⁎*
ASIA
CADF	-2.504	-6.412⁎⁎*	-2.153	-6.420⁎⁎*	-2.288	-6.409⁎⁎*
CIPS	-2.326	-6.190⁎⁎*	-2.077	-6.190⁎⁎*	-2.519	-6.185⁎⁎*
NON-ASIA
CADF	-1.970	-6.234⁎⁎*	-2.225	-6.396⁎⁎*	-2.047	-6.420⁎⁎*
CIPS	-1.967	-6.019⁎⁎*	-2.442	-6.168⁎⁎*	-2.363	-6.190⁎⁎*

Notes: The statistic of CADF is t-bar, the critical value of t-bar for the CADF test for the ALL sample at the 1%, 5%, and 10% levels is -2.620, -2.550, and -2.500, respectively; while that for the ASIA sub-sample is -2.770, -2.650, and -2.590, respectively; and that for the NON-ASIA sub-sample is -2.650, -2.570, and -2.520, respectively; The critical value for the CIPS test for the ALL sample at the 1%, 5%, and 10% levels is -2.62, -2.55, and -2.51, respectively; while that for the ASIA sub-sample is -2.77, -2.65, and -2.59, respectively; and that for the NON-ASIA sub-sample is -2.65, -2.57, and -2.52, respectively. ^⁎⁎⁎

^⁎⁎, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively.