Table 2.
Stationarity test
| Intercept-level | Trend & intercept-level | None-level | 1st difference-intercept | 1st difference-trend & intercept | 1st difference- none | |
|---|---|---|---|---|---|---|
| Elect—REs | ADF: 0.896 | ADF:0.263 | ADF:0.0031*** | ADF:0.000*** | ADF:0.000*** | ADF:0.0173** |
| PP: 0.8499 | PP:0.2502 | PP:0.0044*** | PP:0.0000*** | PP:0.000*** | PP:0.0000*** | |
| UNEMP (%) | ADF:0.6687 | ADF:0.0422** | ADF:0.8189 | ADF:0.0059*** | ADF:0.0207** | ADF:0.0002*** |
| PP:0.5198 | PP:0.5802 | PP:0.8101 | PP:0.0030*** | PP:0.0150** | PP:0.0002*** | |
| EXCHR | ADF:0.7409 | ADF:0.1548 | ADF:0.9912 | ADF:0.001*** | ADF:0.0056*** | ADF:0.0001*** |
| PP: 0.6980 | PP:0.2225 | PP:0.9851 | PP:0.0012*** | PP:0.0062*** | PP:0.0002*** | |
| CO2_EMS | ADF: 0.6681 | ADF:0.4433 | ADF:0.9542 | ADF:0.000*** | ADF:0.0001*** | ADF:0.000*** |
| PP:0.6670 | PP:0.4164 | PP:0.9751 | PP:0.0000*** | PP:0.0001*** | PP:0.0000*** | |
| EG (%) | ADF:0.0057*** | ADF:0.0608* | ADF:0.2435 | ADF:0.000*** | ADF:0.000*** | ADF:0.000*** |
| PP:0.0392** | PP:0.1432 | PP:0.2598 | PP:0.000*** | PP:0.000*** | PP:0.000*** |
(*), (**), (***): Null hypothesis is rejected, respectively, at 1%, 5% and 10%
Source: Authors calculation