| |
|
ADF |
|
|
BRWHPR |
level |
-0.10 |
-0.92 |
| |
first differences |
-1.53 |
-4.97 |
|
BRRIPR |
level |
-0.40 |
-2.12 |
| |
first differences |
-1.75 |
-5.52 |
|
BRMZIM |
level |
-0.41 |
-2.44 |
| |
first differences |
-1.37 |
-4.59 |
|
BRMZEX |
level |
-0.42 |
-2.28 |
| |
first differences |
-1.50 |
-4.34 |
|
BRSYIM |
level |
-0.57 |
-1.73 |
| |
first differences |
-1.97 |
-4.02 |
|
BRSYEX |
level |
-0.17 |
-1.39 |
| |
first differences |
-1.37 |
-4.90 |
|
BRSYPR |
level |
-0.14 |
-1.01 |
| |
first differences |
-1.60 |
-5.65 |
|
BRBMIM |
level |
-0.81 |
-3.65 |
| |
first differences |
|
|
|
BRBMEX |
level |
-0.26 |
-2.09 |
| |
first differences |
-1.07 |
-4.51 |
see Table 1 for variables' names
Bold = significantly different from zero at 5% or less
source: own calculation on ESCB price data
