Cross-

Method

Statistic

Prob.**

sections

Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t*

-28.8706

0.0000

409

3159

Breitung t-stat

-2.51693

0.0059

409

2750

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat

-6.55119

0.0000

409

3159

ADF - Fisher Chi-square

1177.68

0.0000

409

3159

PP - Fisher Chi-square

1275.06

0.0000

409

3272

Null: No unit root (assumes common unit root process)

Hadri Z-stat

25.5933

0.0000

409

3681

** Probabilities for Fisher tests are computed using an asympotic Chi

        -square distribution. All other tests assume asymptotic normality.