Table A11. Senegal. Results of the unit root tests (annual data)

		ADF coefficient (-1)	t- value			ADF coefficient (-1)	t- value
SNMZPR	level	-0.22	-1.58	SNBMEX	level	-0.38	-2.85
	first differences	-1.30	-4.89		first differences	-1.07	-4.31
SNMZPF	level	-0.11	-0.63	SNBMPF	level	-0.51	-1.58
	first differences	-0.83	-2.46		first differences	-1.43	-2.86
SNRIIM	level	-0.58	-4.30	SNPMIM	level	-0.40	-2.68
	first differences				first differences	-1.35	-5.32
SNRIEX	level	-0.40	-1.93	SNPMEX	level	-1.05	-4.26
	first differences	-1.71	-5.72		first differences
SNRIPR	level	-0.37	-2.37	SNPMPF	level	-0.37	-1.91
	first differences	-1.05	-3.68		first differences	-0.93	-2.80
SNRIPF	level	-0.50	-2.44	SNPLIM	level	-0.55	-3.21
	first differences	-1.22	-3.52		first differences	-1.29	-4.73
SNMPIM	level	-0.25	-1.45	SNPLEX	level	-0.44	-2.54
	first differences	-1.84	-5.43		first differences	-1.39	-4.90
SNMPPF	level	-0.42	-2.13	SNPLPF	level	-0.37	-1.87
	first differences	-0.96	-2.90		first differences	-0.92	-2.76
SNBMIM	level	-0.88	-2.88
	first differences	-2.08	-6.18

see Table 1 for variables' names
Bold = significantly different from zero at 5% or less
source: own calculation on ESCB price data