Table 4.

SPSM results.

I(0) Series	FAE		tAEas		NL
Europe	71.315**		29.125	**	41.325	**
ECA	101.855**		42.056	***	32.940	**
ECL	51.256**		33.660	***	31.015	**
EFA	80.125***		31.255	***	27.050	***

Authors’ calculation.