Variables

ADF test statistic

Philip Perron (PP) test statistic

KPSS test statistic

Level

1st difference

Level

1st difference

Level

1st difference

With intercept and no trend

With intercept and trend

With intercept and no trend

With intercept and trend

With intercept and no trend

With intercept and trend

With intercept and no trend

With intercept and trend

With intercept and no  trend

With intercept and trend

With intercept and no trend

With intercept and trend

INVEST

−1.064

−3.293

−7.941^*

−7.927^*

−0.536

−4.009^*

−10.145^*

−9.965^*

0.391

0.139^*

0.162^*

0.147^*

FT

−3.439^*

−3.781^*

−10.282^*

−11.578^*

−4.252^*

−4.771^*

−14.273^*

−15.498^*

0.350^*

0.157^*

0.212^*

0.212^*

NGROWTH

−2.296

−3.311

−5.272^*

−5.192^*

−1.291

−2.325

−5.907^*

−5.755^*

0.459

0.140^*

0.258^*

0.174^*

RNT

−2.368

−3.050

−5.823^*

−5.724^*

−2.818

−4.412^*

−13.619^*

−17.807^*

0.383

0.155^*

0.228^*

0.213^*

NTBAL

−1.871

−2.258

−5.970^*

−6.309^*

−2.012

−3.103

−9.021^*

−11.934^*

0.352^*

0.157^*

0.276^*

0.189^*

SRATIO

−3.676^*

−3.656^*

−5.208^*

−5.058^*

−3.878^*

−3.851^*

−9.417^*

−9.032^*

0.220^*

0.147^*

0.197^*

0.192^*