Table 4.

Results of unit root test with an unknown structural break.

	Test statistics	Break point	lag		Test statistics	Break point	lag
Panel-A: for Brazil
HCD	−2.379	2015	1	ΔHCD	−5.044	2001	2
TOR	−2.55	2011	2	ΔTOR	−6.048	2010	1
CF	−2.713	2000	1	ΔCF	−5.086	2004	2
FD	−3.107	2013	1	ΔFD	−8.174	1997	3
MS	−2.328	2015	3	ΔMS	−5.551	2007	2
FDI	−1.902	2011	2	ΔFDI	−6.735	2000	2
Panel-B: for Russia
HCD	−3.151	1998	2	ΔHCD	−5.698	2014	1
cTOR	−2.36	2011	2	ΔTOR	−8.78	2002	2
CF	−1.96	2005	2	ΔCF	−7.621	1998	2
FD	−2.944	2008	2	ΔFD	−7.581	2005	2
MS	−2.334	2014	3	ΔMS	−8.029	2016	3
FDI	−2.227	2002	3	ΔFDI	−8.155	1999	3
Panel-C: for India
HCD	−2.805	1999	3	ΔHCD	−8.776	2008	1
TOR	−2.688	2007	3	ΔTOR	−8.598	2017	3
CF	−2.544	2012	3	ΔCF	−5.841	2012	1
FD	−2.473	2002	2	ΔFD	−7.578	2018	2
MS	−2.797	2010	3	ΔMS	−7.696	2006	2
FDI	−2.747	2010	3	ΔFDI	−7.506	1998	1
Panel-D: China
HCD	−2.171	2003	2	ΔHCD	−7.783	1999	1
TOR	−2.627	2009	3	ΔTOR	−6.896	2014	1
CF	−2.752	2013	2	ΔCF	−7.868	2008	2
FD	−2.9	2005	2	ΔFD	−7.403	1998	3
MS	−2.436	2016	2	ΔMS	−7.038	1998	3
F	−2.813	2005	3	ΔFDI	−9.098	2002	1
Panel-E: for South Africa
HCD	−2.291	2005	1	ΔHCD	−6.531	2009	1
TOR	−2.89	2000	2	ΔTOR	−6.303	2017	1
CF	−2.716	2012	3	ΔCF	−6.968	2002	3
FD	−3.01	2014	1	ΔFD	−8.695	2005	3
MS	−2.093	2018	3	ΔMS	−7.917	2010	2
FDI	−2.792	2009	1	ΔFDI	−6.794	2007	3