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Table 9 Stionarity test results for the exchange rate return series

From: Modeling and forecasting exchange rate volatility in Bangladesh using GARCH models: a comparison based on normal and Student’s t-error distribution

Augmented Dickey Fuller (ADF) test

Kwiatkowsk –Philips–Schmidt–Shin (KPSS) test

H0: exchange rate return has a unit root

H0: exchange rate return is stationary

Intercept

Trend and intercept

Intercept

Trend and intercept

Test statistic

Probability

Test statistic

Probability

Test statistic

1% critical value

Test statistic

1% critical value

−14.9439

0.000

−14.9552

0.000

0.4630

0.7390

0.1913

0.2160