Table 2 Results of Unit Root Test

Austria

2.57 [−5.44*]

2.50 [−3.59*]

2.69 [−3.61*]

0.30 [−5.44*]

Belgium

2.78 [−2.27**]

1.64 [−3.89*]

2.30 [−3.59*]

−0.17 [−10.2*]

Cyprus

1.66 [−5.23*]

3.49 [−2.79*]

2.18 [−4.87*]

−0.59 [0.22]

Estonia

0.70 [−2.60*]

0.78 [−4.57*]

0.92 [−4.27*]

−0.89 [−5.58*]

Finland

2.52 [−3.68*]

2.49 [−3.32*]

2.44 [−3.05*]

−0.49 [−6.19*]

France

1.24 [−2.32*]

2.26 [−3.70*]

1.55 [−2.64*]

−0.26 [−6.21*]

Germany

3.01 [−3.38*]

2.45 [−3.40*]

2.75 [−3.36*]

−0.35 [−5.63*]

Greece

1.06 [−2.17**]

2.06 [−3.52*]

1.34 [−2.96*]

−0.12 [−5.61*]

Ireland

1.81 [−3.87*]

1.11 [−3.95*]

1.77 [−3.60*]

−0.08 [−5.91*]

Italy

4.06 [−2.98*]

2.53 [−3.41*]

4.03 [−6.45*]

−0.67 [−7.37*]

Latvia

1.21 [−2.79*]

1.11 [−1.78***]

1.33 [−1.68***]

−0.41 [−4.59*]

Lithuania

0.92 [−3.10*]

1.40 [−3.18*]

0.84 [−3.18*]

−0.74 [−3.70*]

Luxembourg

1.82 [−4.92*]

2.27 [−2.55*]

2.02 [−4.00*]

−0.23 [−6.52*]

Malta

−0.17 [−1.38***]

0.26 [−5.82*]

1.63 [−3.74*]

−0.13 [−6.43*]

Netherlands

1.68 [−4.11*]

2.36 [−4.25*]

2.53 [−4.08*]

−0.12 [−6.53*]

Portugal

2.50 [−3.67*]

1.28 [−3.01*]

3.00 [−3.74*]

−1.60 [−5.04*]

Slovakia

1.41 [−1.89***]

1.18 [−2.20**]

1.49 [−2.04**]

−0.15 [−6.24*]

Slovenia

0.70 [−1.71***]

1.55 [−2.57**]

1.29 [−2.17**]

−0.46 [−4.99*]

Spain

0.61 [−4.93*]

1.26 [−2.80*]

1.54 [−4.26*]

−0.09 [−6.31*]

EZP

4.39 [155.1*]

5.54 [184.4*]

5.41 [167.8*]

21.7 [486.9*]