Table 4 Unit root test results
Variable | Im-Pesaran-Shin | ADF Fisher Chi-square | ||
|---|---|---|---|---|
Level | 1st difference | Level | 1st difference | |
Market risk | − 23.8876*** | − 63.3072*** | 699.822*** | 1730.0954*** |
Interest | 7.2986 | − 23.1317*** | 5.2468 | 651.8265*** |
lnExchange | 0.8868 | − 42.2743*** | 26.9681 | 1561.9031*** |
lnOpenness | − 0.789 | − 54.2507*** | 38.7588 | 1722.376*** |
FD | − 4.0479*** | − 49.0877*** | 79.2795*** | 1712.4845*** |
lnGDP | 3.6298 | − 56.972*** | 11.4995 | 1728.0931*** |
lnGold | 0.7018 | − 53.4998*** | 26.8205 | 1724.0422*** |
lnOil | − 2.512*** | − 44.1501*** | 59.1774 | 1640.7509*** |