﻿;;"Unit Root Methods";;;
Variables;;PP;ADF;"Int. order"
;;level;"1st Difference";level;"1st Difference"
Correlation;"With cons";0.1092;0.0007***;0.1092;0.0009***;I(1)
"With cons & trend";0.3590;0.0001***;0.3590;0.0045**;I(1)
"Without cons & trend";0.2049;0.0002***;0.1647;0.0002***;I(1)
Inst_access;"With cons";0.9399;0.4913;0.2206**;0.5311;I(0)
"With cons & trend";0.5955;0.9076**;0.2266;0.8987**;I(1)
"Without cons & trend";0.9957;0.2310*;0.7561;0.2330**;I(1)
Inst_depth;"With cons";0.1265;0.0424***;0.0025;0.0424**;I(1)
"With cons & trend";0.4930***;0.1173**;0.4926**;0.1173*;I(0)
"Without cons & trend";0.8724;0.0042***;0.8863;0.0042***;I(1)
Inst_efficiency;"With cons";0.7901;0.0013***;0.8227;0.2417***;I(1)
"With cons & trend";0.7888;0.0018***;0.9091;0.0018***;I(1)
"Without cons & trend";0.1713;0.0001***;0.2014;0.0311***;I(1)
