Table 3 ADF and PP Unit Root Tests results.
From: Triggering economic growth to ensure financial stability: case study of Northern Cyprus
Variables | Tests | Intercept no trend | Intercept and trend | ||
|---|---|---|---|---|---|
Level | First difference | Level | First difference | ||
Invst | ADF | 6.382505 (1.0000) | − 5.731215*** (0.0001) | 3.532598 (1.0000) | − 8.377645*** (0.0000) |
PP | 0.147201 (0.9653) | − 28.54184*** (0.0001) | 2.499430 (0.3267) | − 20.44377*** (0.0000) | |
Emp | ADF | − 1.088471 (0.7104) | − 7.423248*** (0.0000) | − 2.161351 (0.4965) | − 5.696163*** (0.0000) |
PP | − 0.997038 (0.7446) | − 6.905606*** (0.0000) | − 2.137939 (0.5090) | − 36.39875 *** (0.0000) | |
NX | ADF | − 0.412630 (0.8968) | − 10.72918*** (0.0000) | − 1.739353 (0.7138) | − 10.57337*** (0.0000) |
PP | − 0.561643 (0.8673) | − 11.85035 *** (0.0000) | − 1.995081 (0.5852) | − 11.67268*** (0.0000) | |
Gdp | ADF | − 1.965646 (0.2995) | − 5.389923*** (0.0001) | − 2.082182 (0.5344) | − 5.072423*** (0.0015) |
PP | 4.509178 (1.0000) | − 5.479591*** (0.0001) | − 0.257104 (0.9891) | − 5.481898*** (0.0004) | |
Cap | ADF | 0.305316 (0.9745) | − 4.797510*** (0.0006) | − 0.943522 (0.9367) | − 3.971401*** 0.0051 |
PP | 2.737349 (1.0000) | − 16.43304 *** (0.0000) | − 0.073631 (0.9935) | − 16.24688*** (0.0000) | |
Debt | ADF | − 1.852606 (0.3503) | − 6.832023 0.0000 | − 1.892385 0.6388 | − 3.698745** 0.0386 |
PP | − 1.822163 (0.3645) | − 26.40937*** (0.0001) | − 1.892385 (0.6388) | − 26.02155*** (0.0000) | |
Cons | ADF | − 1.486155 (0.5276) | − 3.624033*** (0.0108) | − 2.052103 (0.2644) | − 3.624033*** (0.0108) |
PP | 2.697694 (1.0000) | − 12.28042*** (0.0000) | − 0.806153 (0.9561) | − 12.22615*** (0.0000) | |
REER | ADF | 2.289314 (0.9999) | − 5.689079 *** (0.0001) | − 1.059940 (0.9224) | − 5.987472 *** (0.0000) |
PP | 3.228888 (1.0000) | − 5.613070 *** (0.0000) | − 1.063754 (0.9999) | − 5.975293*** (0.0001) | |
Gov expd | ADF | 1.703302 (0.9994) | − 5.823188*** (0.0000) | 1.788754 (1.0000) | − 6.437713*** (0.0000) |
PP | 3.593127 (1.0000) | − 21.32017*** (0.0001) | 0.921833 (0.9998) | − 20.25825*** (0.0000) | |