Table 2.

Augmented Dickey–Fuller (ADF) unit root test statistics for domestic and foreign variables. ²

Variables	The United Kingdom	Ireland	The Netherlands	Italy	Germany	France	Rest of EU
$p_{it}^{in}$ (with trend)	−2.88	−1.82	−1.97	−3.17	−1.97	−5.36	−2.55
$p_{it}^{in}$ (no trend)	−2.96	−2.17	−1.87	−2.69	−1.85	−4.03	−1.97
$D.p_{it}^{in}$	−6.51	−8.96	−5.91	−5.81	−5.48	−8.10	−6.70
$p_{it}^{ex}$ (with trend)	−2.53	−1.49	−2.58	−3.29	−2.55	−3.14	−2.37
$p_{it}^{ex}$ (no trend)	−2.66	−1.44	−2.35	−3.46	−2.18	−3.16	−2.45
$D.p_{it}^{ex}$	−10.76	−4.29	−7.41	−7.88	−4.98	−5.60	−7.20
${Pro}_{it}$ (with trend)	−6.74	−5.87	−2.43	−4.04	−6.71	−4.15	−5.61
${Pro}_{it}$ (no trend)	−4.23	−5.94	−1.04	−4.03	−4.49	−2.84	−1.30
$D.{Pro}_{it}$	−5.78	−6.92	−11.06	−9.90	−4.91	−12.13	−5.31
${\mathrm{HICPF}}_{it}$ (with trend)	−1.08	−0.56	−2.38	−2.08	−2.69	−2.22	−1.42
${\mathrm{HICPF}}_{it}$ (no trend)	−2.40	1.14	−1.34	−1.54	−0.80	−1.75	−1.91
$D.{\mathrm{HICPF}}_{it}$	−5.45	−5.92	−6.21	−7.12	−5.18	−6.86	−5.75
$p_{it}^f$(with trend)	−2.13	−2.85	−2.51	−2.26	−3.12	−2.26	−3.34
$p_{it}^f$ (no trend)	−2.25	−2.71	−2.41	−1.93	−2.90	−2.15	−3.26
$D.p_{it}^f$	−4.41	−4.76	−4.19	−4.68	−4.59	−7.09	−4.16
$p_{it}^{in*}$ (with trend)	−2.15	−2.72	−2.20	−2.19	−2.22	−2.26	−2.18
$p_{it}^{in*}$ (no trend)	−2.18	−2.78	−2.06	−2.09	−2.11	−2.03	−2.17
$D.p_{it}^{in*}$	−5.61	−6.30	−5.61	−6.50	−6.29	−5.02	−6.27
$p_{it}^{ex*}$ (with trend)	−1.89	−2.49	−3.26	−2.87	−2.44	−2.78	−2.97
$p_{it}^{ex*}$ (no trend)	−2.32	−2.64	−3.19	−2.83	−2.55	−2.82	−2.81
$D.p_{it}^{ex*}$	−6.59	−10.33	−3.92	−4.70	−5.77	−5.10	−4.36
(with trend)	−5.98	−6.53	−7.12	−6.26	−5.86	−7.19	−6.41
${Pro}_{it}^{*}$ (no trend)	−5.82	−4.37	−3.66	−2.91	−2.01	−2.79	−4.81
$D.{Pro}_{it}^{*}$	−5.44	−5.92	−6.12	−5.39	−6.09	−5.73	−5.95
${\mathrm{HICPF}}_{it}^{*}$ (with trend)	−1.65	−1.09	−2.21	−2.31	−1.67	−1.90	−2.07
${\mathrm{HICPF}}_{it}^{*}$ (no trend)	−1.94	−2.55	−1.44	−1.47	−1.69	−1.60	−1.37
$D.{\mathrm{HICPF}}_{it}^{*}$	−5.27	−5.21	−5.35	−4.97	−4.98	−4.86	−4.94
$p_{it}^{f*}$(with trend)	−3.11	−2.61	−3.22	−3.25	−2.44	−3.24	−3.37
$p_{it}^{f*}$(no trend)	−2.96	−2.64	−3.07	−3.10	−2.33	−3.34	−2.40
$D.p_{it}^{f*}$	−4.31	−3.78	−4.64	−4.50	−3.48	−3.59	−4.04
$p_{it}^{\mathrm{co}*}$ (with trend)	−1.98	-	-	-	-	-	-
$p_{it}^{\mathrm{co}*}$ (no trend)	−0.79	-	-	-	-	-	-
$D.p_{it}^{\mathrm{co}*}$	−5.72	-	-	-	-	-	-

² In this table, the 95% critical values of variables with trend, without trend, and at first difference level are −3.45, −2.89, and −2.89, respectively. In this Table, D. denotes the first difference; the following labels are the same.