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Table 2 Breakpoint unit root test results

From: Decision making on financial investment in Turkey by using ARDL long-term coefficients and AHP

Trend Specification Intercept only Trend and intercept
Break Specification Intercept only Intercept only Trend and intercept Trend only
  t-Statistic Prob. Break Date t-Statistic Prob. Break Date t-Statistic Prob. Break Date t-Statistic Prob. Break Date
EURO −0.3290 >  0.99 2016 M10 −2.5494 0.9809 2016 M10 −2.9090 0.9727 2015 M09 −2.8470 0.7793 2016 M07
D (EURO) −8.8550b <  0.01 2015 M11 −9.0452b <  0.01 2014 M01 −9.2254b <  0.01 2015 M09 −8.6934b <  0.01 2018 M02
GOLD −2.2811 0.9498 2015 M12 −3.4865 0.7002 2012 M12 −3.0549 0.9541 2012 M11 −1.9398 >  0.99 2015 M12
D (GOLD) −10.5885b <  0.01 2011 M08 −11.4543b <  0.01 2011 M08 −11.6370b <  0.01 2011 M08 −9.4209b <  0.01 2018 M04
USD −0.5954 >  0.99 2015 M01 −3.6670 0.5859 2015 M01 −4.4301 0.2702 2015 M01 −4.3169 0.0867 2013 M04
D (USD) −8.1463b <  0.01 2018 M03 −8.3225b <  0.01 2018 M04 −8.9835b <  0.01 2017 M11 −8.3886b <  0.01 2018 M03
BIST −4.6665a 0.0272 2014 M04 −5.0509 0.0284 2009 M04 −4.6335 0.1801 2011 M05 −5.0360a 0.0114 2009 M06
CAB −11.7756b <  0.01 2011 M03 −10.6465b <  0.01 2011 M03 −11.0613b <  0.01 2011 M03 −9.5589b <  0.01 2011 M04
CPI −0.0567 >  0.99 2016 M05 −3.4391 0.7284 2016 M11 −4.5932 0.1959 2016 M11 −4.5309a 0.0493 2016 M09
D (CPI) −9.7278b <  0.01 2011 M05 −9.8994b <  0.01 2011 M05 −10.0987b <  0.01 2011 M05 −9.4852b <  0.01 2018 M03
FDI −5.0862b <  0.01 2014 M11 −5.6847b <  0.01 2009 M11 −5.8871b <  0.01 2010 M03 −5.6889b <  0.01 2010 M03
D (FDI) −14.7558b <  0.01 2017 M07 −17.1698b <  0.01 2017 M07 −15.7627b <  0.01 2017 M07 −11.4282b <  0.01 2014 M12
IPI −2.3688 0.9334 2016 M08 −11.5692b <  0.01 2010 M02 −11.5900b <  0.01 2010 M03 −11.1576b <  0.01 2010 M03
OP −3.9062 0.1911 2014 M08 −4.5462 0.1168 2014 M08 −3.3823 0.8651 2014 M09 −2.7085 0.8438 2017 M07
D (OP) −9.9698b <  0.01 2015 M01 −11.1216b <  0.01 2016 M01 −11.0106b <  0.01 2016 M01 −9.9642b <  0.01 2015 M01
TOT −3.1056 0.8778 2014 M09 −2.7460 0.8120 2014 M09 −2.7617 0.9853 2014 M11 −2.3845 0.9450 2010 M03
D (TOT) −10.6107b <  0.01 2009 M05 −10.6069b <  0.01 2009 M05 −10.1253b <  0.01 2016 M01 −9.6587b <  0.01 2009 M11
  1. a, b indicates significance at %5 and %1 level, respectively