Table 2 Results of the stationarity tests
Variables | ADF | PP | KPSS | |||
|---|---|---|---|---|---|---|
No trend | With trend | No trend | With trend | No trend | With trend | |
ln_HYDRO | −0.251 (0.9321) | −3.221 (0.0802) | −0.308 (0.9244) | −3.681** (0.0237) | 1.01* | 0.151** |
D.ln_HYDRO | −5.671* (0.0000) | −5.363* (0.0000) | −5.804* (0.0000) | – | – | – |
ln_DE | −1.306 (0.6262) | −1.248 (0.9002) | −0.883 (0.8317) | −1.937 (0.6354) | 0.878* | 0.165** |
D.ln_DE | −3.181** (0.0211) | −3.876 ** (0.0429) | −5.583* (0.0000) | −5.824* (0.0000) | – | – |
Ln_GDP | −2.410 (0.1390) | −2.017 (0.5920) | −2.968 (0.0580) | −2.907 (0.1599) | 0.401** | 0.127 |
D.ln_GDP | −4.265* (0.0005) | −3.834** (0.0149) | −5.785* (0.0000) | −5.724* (0.0000) | – | 0.211** |
ln_REER | −1.963 (0.3028) | −3.157 (0.0933) | −2.426 (0.1346) | −3.217 (0.0811) | 0.5** | 0.256* |
D.ln_REER | −3.187** (−3.400) | −3.314** (0.0341) | −4.488* (0.0002) | −4.539* (0.0013) | – | – |
ln_EPv | −1.857 (0.3523) | −1.692 (0.7542) | −1.923 (0.3215) | −1.756 (0.7258) | 0.210 | 0.308* |
D.ln_EPv | −3.981* (0.0015) | −3.960** (0.0100) | −3.985* (0.0015) | −3.961** (0.0100) | 0.474** | – |