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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