Cross-

Method

Statistic

Prob.**

sections

Obs

Null: Unit root (assumes common unit root process)

Levin, Lin & Chu t*

-1.92877

0.0269

3

42

Breitung t-stat

-3.26929

0.0005

3

39

Null: Unit root (assumes individual unit root process)

Im, Pesaran and Shin W-stat

-1.60666

0.0541

3

42

ADF - Fisher Chi-square

11.6008

0.0715

3

42

PP - Fisher Chi-square

5.79883

0.4461

3

45

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

Hadri Z-stat

0.58277

0.2800

3

48