Table 4 Panel unit root tests
CADF | CIPS | |||
|---|---|---|---|---|
Level | 1st difference | Level | 1st difference | |
EF | – 1.507 | – 3.582*** | – 1.261 | – 4.381*** |
BRENT+ | – 2.072 | – 3.209*** | – 0.337 | – 3.622*** |
BRENT− | – 1.966 | – 2.081*** | – 1.629 | – 4.081*** |
WTI+ | – 1.204 | – 3.719*** | – 2.038 | – 3.83*** |
WTI− | – 1.938 | – 2.553*** | – 1.670 | – 2.981*** |
GDP | – 3.107 | – 5.618*** | – 2.511 | – 5.071*** |
NRE | – 2.481 | – 4.637*** | – 1.113 | – 5.443*** |
RE | – 2.286 | – 3.119*** | – 1.006 | – 3.192*** |