Table 4.

Panel unit-root test

Variables	CADF		CIPS
	Intercept	Intercept and trend	Intercept	Intercept and trend
lnEF	1.028	0.928	−1.64065	−2.41089
lnEPU	−1.520*	−0.499	−2.15064*	−2.69391
lnW	−1.372*	0.097	−1.84572	−1.84572
lnTO	0.023	0.963	−1.39772	−1.99891
lnNR	0.339	1.044	−2.20141*	−1.05729
lnLE	−2.103**	−1.056	−2.26499***	−0.96670
dlnEF	−6.024***	−3.324***	−4.03353***	−4.42097***
dlnEPU	−8.098***	−6.911***	−3.98337***	−3.55142***
dlnW	−4.642***	−2.811***	−2.97080***	−3.23896***
dlnTO	−4.451***	−3.175***	−3.19117***	−3.60167***
dlnNR	−10.782 ***	−8.264 ***	−2.49272***	−3.53532***
dlnLE	−3.809***	−5.532***	−2.87120***	−3.05773***

*, **, and *** denote statistically significant at the 10%, 5%, and 1% levels, respectively. Source: Current Research