Method

Statistic

Prob.^**

Cross-sections

Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t^*

−7.83702

0.0000

24

446

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat

−0.13729

0.4454

24

446

ADF - Fisher Chi-square

77.0302

0.0049

24

446

PP - Fisher Chi-square

93.2624

0.0001

24

456