Table A13. Turkey. Results of the unit root tests (annual data)

		ADF coefficient (-1)	t- value			ADF coefficient (-1)	t- value
TKWHEX	level	-0.89	-4.77	TKBMWS	level	-0.32	-2.11
	first differences				first differences	-1.22	-4.24
TKWHPR	level	-0.43	-2.47	TKBMRT	level	-0.26	-1.84
	first differences	-1.29	-4.72		first differences	-1.00	-3.51
TKWHPF	level	-0.43	-2.65	TKPLPR	level	-0.26	-2.01
	first differences	-1.09	-3.74		first differences	-1.12	-3.61
TKWHWS	level	-0.38	-2.47	TKPLWS	level	-0.15	-1.21
	first differences	-1.07	-4.01		first differences	-1.23	-4.31
TKRIIM	level	-0.44	-2.76	TKPLRT	level	-0.17	-1.34
	first differences	-1.34	-5.56		first differences	-1.05	-3.77
TKRIPR	level	-0.30	-1.99	TKSYPR	level	-0.62	-3.12
	first differences	-1.40	-5.11		first differences	-1.64	-5.01
TKRIPF	level	-0.45	-2.01	TKSYPF	level	-0.33	-1.53
	first differences	-1.39	-4.70		first differences	-1.52	-3.89
TKRIWS	level	-0.31	-2.43	TKSFPR	level	-0.43	-2.50
	first differences	-1.27	-6.07		first differences	-1.28	-4.47
TKRIRT	level	-0.32	-2.49	TKBUPR	level	-0.63	-2.43
	first differences	-1.29	-5.58		first differences	-1.34	-4.10
TKMZPR	level	-0.23	-2.01	TKBUWS	level	-0.28	-2.54
	first differences	-0.99	-4.14		first differences	-0.82	-3.34
TKMZPF	level	-0.32	-2.35	TKBURT	level	-0.32	-2.50
	first differences	-1.03	-3.79		first differences	-1.18	-4.72
TKMZWS	level	-0.18	-2.00	TKCEPR	level	-0.15	-1.37
	first differences	-0.91	-3.95		first differences	-0.89	-3.12
TKBMEX	level	-0.67	-3.11	TKCERT	level	-0.18	-1.44
	first differences	-2.18	-8.81		first differences	-0.85	-3.26
TKBMPF	level	-0.15	-1.57	TKCEWS	level	-0.09	-0.73
	first differences	-0.79	-2.67		first differences	-1.35	-4.69

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