Cross-

Method

Statistic

Prob.**

sections

Obs

Null: Unit root (assumes  common unit root process)

Levin, Lin & Chu t*

-14.6611

0.0000

31

269

Breitung t-stat

-2.20509

0.0137

31

238

Null: Unit root (assumes  individual unit root process)

Im, Pesaran and Shin  W-stat

-2.13590

0.0163

31

269

ADF - Fisher Chi-square

110.495

0.0001

31

269

PP - Fisher Chi-square

153.181

0.0000

31

279

Cross-

Method

Statistic

Prob.**

sections

Obs

Null: Unit root (assumes  common unit root process)

Levin, Lin & Chu t*

-17.6294

0.0000

31

274

Breitung t-stat

-4.24322

0.0000

31

243

Null: Unit root (assumes  individual unit root process)

Im, Pesaran and Shin  W-stat

-4.09194

0.0000

31

274

ADF - Fisher Chi-square

155.223

0.0000

31

274

PP - Fisher Chi-square

203.407

0.0000

31

279