| |
|
ADF |
PP |
| |
|
coefficient (-1) |
coefficient (-1) |
|
GHMZWS |
level |
-0.02 |
-0.02 |
| |
|
-2.33 |
-2.23 |
| |
first differences |
-0.76 |
-0.84 |
| |
|
-4.33 |
-17.74 |
|
GHRI1WS |
level |
-0.03 |
-0.05 |
| |
|
-1.89 |
-2.61 |
| |
first differences |
-1.72 |
-1.37 |
| |
|
-5.66 |
-30.82 |
|
GHRI1RT |
level |
-0.09 |
-0.17 |
| |
|
-1.88 |
-3.03 |
| |
first differences |
-1.87 |
-0.25 |
| |
|
-6.04 |
-17.65 |
|
GHRIRT |
level |
-0.11 |
-0.11 |
| |
|
-2.49 |
-2.86 |
| |
first differences |
-1.24 |
-1.21 |
| |
|
-5.30 |
-14.15 |
|
GHGRWS |
level |
-0.01 |
-0.02 |
| |
|
-1.26 |
-2.26 |
| |
first differences |
-1.23 |
-0.95 |
| |
|
-5.28 |
-19.73 |
|
GHGRRT |
level |
-0.19 |
-0.26 |
| |
|
-2.13 |
-4.43 |
| |
first differences |
-2.36 |
-1.23 |
| |
|
-3.47 |
-14.26 |
| |
|
|
|
|
GHPOWS |
level |
-0.28 |
-0.03 |
| |
|
-5.51 |
-1.76 |
| |
first differences |
-1.56 |
-1.25 |
| |
|
-5.75 |
-28.78 |
|
GHPORT |
level |
-0.23 |
-0.21 |
| |
|
-3.25 |
-3.96 |
| |
first differences |
-1.48 |
-1.19 |
| |
|
-3.32 |
-15.79 |
|
GHPKWS |
level |
-0.02 |
-0.04 |
| |
|
-1.42 |
-2.05 |
| |
first differences |
-1.90 |
-1.39 |
| |
|
-11.08 |
-34.60 |
|
GHSHWS |
level |
-0.03 |
-0.05 |
| |
|
-1.73 |
-3.22 |
| |
first differences |
-1.67 |
-1.35 |
| |
|
-5.74 |
-30.02 |
|
GHCSWS |
level |
-0.03 |
-0.05 |
| |
|
-2.24 |
-3.24 |
| |
first differences |
-1.19 |
-1.20 |
| |
|
-8.67 |
-25.55 |
|
GHCSRT |
level |
-0.18 |
-0.28 |
| |
|
-2.52 |
-4.54 |
| |
first differences |
-1.50 |
|
| |
|
-4.83 |
|
|
GHSHRT |
level |
-0.09 |
-0.11 |
| |
|
-2.38 |
-2.78 |
| |
first differences |
-1.15 |
-1.19 |
| |
|
-5.65 |
-13.97 |
see Table 1 for variables' names
bold = significant at 5% or more
Source: calculations n ESCB and IMF data
