Observed Test Statistics

Variables

With Constant

With Constant and Trend

Lag^@

MZa

MZt

MSB

MPT

Lag^@

MZa

MZt

MSB

MPT

LNINDEX

0

1.51749

1.53486

1.01145

78.7242

0

−3.78357

−1.34717

0.35606

23.6918

Δ(LNINDEX)

0

−36.8049^*

−4.28489^*

0.11642^*

0.68011^*

0

−74.3489^*

−6.06988^*

0.08164^*

1.34323^*

YTB

0

−3.12373

−1.20962

0.38724

7.78780

0

−4.54802

−1.50479

0.33087

20.0125

Δ(YTB)

0

−102.994^*

−7.17466^*

0.06966^*

0.24065^*

0

−102.992^*

−7.17495^*

0.06966^*

0.88905^*

YLGB

0

−1.00789

−0.58521

0.58063

18.7517

0

−2.77695

−1.17538

0.42326

32.7225

Δ(YLGB)

0

−102.728^*

−7.14901^*

0.06959^*

0.27197^*

0

−102.705^*

−7.14880^*

0.06960^*

0.95249^*

LNIIP

1

1.13225

0.86864

0.76718

45.0911

8

−3.08920

−1.18350

0.38311

28.0940

Δ(LNIIP)

1

−63.1585^*

−5.58140^*

0.08837^*

0.47690^*

2

−29.6087^*

−3.76963^*

0.12732^*

3.53329^*

LNWPI

1

1.46557

4.34899

2.96745

618.255

1

−1.69767

−0.86747

0.51098

49.2228

Δ(LNWPI)

1

−51.2310^*

−5.06080^*

0.09878^*

0.47918^*

0

−87.5789^*

−6.59348^*

0.07529^*

1.13694^*

LNM3

12

1.43682

1.72678

1.20181

106.654

7

−6.04953

−1.64959

0.27268

14.9996

Δ(LNM3)

6

−17.9833^*

−2.94851^*

0.16396^*

1.54807^*

6

−76.2112^*

−6.16768^*

0.08093^*

1.21837^*

LNEX

0

0.47707

0.89139

1.86845

201.236

0

−0.14544

−0.09366

0.64400

88.2744

Δ(LNEX)

2

−18.3840^*

−3.00717^*

0.16358^*

1.42395^*

2

−46.1237^*

−4.68291^*

0.10153^*

2.58710^*

CRITICAL VALUES^

Constant

Constant and Trend

1% Level

−13.8000

−2.58000

0.17400

1.78000

−23.8000

−3.42000

0.14300

4.03000

5% Level

−8.10000

−1.98000

0.23300

3.17000

−17.3000

−2.91000

0.16800

5.48000

10% Level

−5.70000

−1.62000

0.27500

4.45000

−14.2000

−2.62000

0.18500

6.67000