Financial Innovation

Table 1 Panel Unit Root Test Results Using Pesaran (2007)

From: The ASEAN experience of the purchasing power parity theory

Variables	Level
Variables	Without Trend	With Trend
dlnS _it	−5.133^a	−4.107^a
\( d\ln \left(\frac{P_t^{A_i}}{P_t^{US}}\right) \)	−4.767^a	−3.691^a

Note: ^a indicates 1% significance level

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