Table 11.

Unit root test

	Augmented Ducky–Fuller (ADF)		Phillips–Peron (PP)
	Statistics	p value	Statistics	p value
${\mathit{FB}}_{i,t}$	435.61	0.00	527.65	0.00
${\mathit{CPV}}_{i,t}$	414.06	0.00	680.72	0.00
${\mathit{CP}}_{i,t}$	105.14	1.00	99.09	1.00
${\mathit{PCCP}}_{i,t}$	935.95	0.00	1334.24	0.00
${\mathit{CAP}}_{i,t}$	905.87	0.00	1543.85	0.00
${\mathit{MI}}_{i,t}$	445.25	0.00	697.73	0.00
${\mathit{RIR}}_{i,t}$	687.86	0.00	1037.70	0.00

$F{B}_{i,t}=$ Fiscal balance, $CP{V}_{i,t}$ = Commodity price volatility, $C{P}_{i,t}$ = Commodity prices, $PCC{P}_{i,t}=$ Percentage change in commodity prices, $CA{P}_{i,t}=$ Capital growth and $RI{R}_{i,t}=$ Real interest rate.