| |
|
ADF |
PP |
| |
|
coefficient (-1) |
coefficient (-1) |
|
SNMZRT |
level |
-0.14 |
-0.11 |
| |
|
-2.81 |
-3.23 |
| |
first differences |
-1.30 |
-1.01 |
| |
|
-6.53 |
-12.66 |
|
SHRP |
level |
-0.11 |
-0.09 |
| |
|
-2.92 |
-3.06 |
| |
first differences |
-1.09 |
-0.99 |
| |
|
-6.27 |
-12.38 |
|
SNRIRT |
level |
-0.27 |
-0.23 |
| |
|
-2.55 |
-4.17 |
| |
first differences |
-2.32 |
|
| |
|
-3.92 |
|
|
SNGRRT |
level |
-0.26 |
-0.18 |
| |
|
-4.14 |
-4.12 |
|
SNGR1RT |
level |
-0.18 |
-0.13 |
| |
|
-3.54 |
-3.73 |
|
SNPORT |
level |
-0.94 |
-0.62 |
| |
|
-1.68 |
-4.66 |
| |
first differences |
-3.81 |
-1.08 |
| |
|
-1.68 |
-6.76 |
|
SNCSRT |
level |
-0.57 |
-0.13 |
| |
|
-2.34 |
-1.35 |
| |
first differences |
-0.37 |
-1.08 |
| |
|
-0.61 |
-6.46 |
see Table 1 for variables' names
bold = significant at 5% or more
Source: calculations n ESCB and IMF data
