Fconomlc Growth TbdolEd

77.4. Empincal Rwlts and Analysls
The tfis pan or ft. lMlysis is ro .sss th. 3lriotuitv popefiv of wriabl's Thc Esat|:€r
fi61 perrodsi ADF test M wh of lb. vs.blo on b.$ level $ well as fi61 ditfdnct fms
C.itiel volue for this tesr is povided by M&Kinnon (1991), Th* l€sts @ sd$led *ilh
time rend ed widsr edd Ov€6tl Gsulb prcvid€d it 1lble 46 indicare variabLs fte
ctoces ofudn ml at ldtl bul sbtjoniry in $olr tist dilTercde
fork 16: u!$.31.r E thtutt@ luon nba o&,.r rlr.t I,ar,)
.r.rsKidm {1991) oclnbd 16l-
a!qe!l.]:
Thc ke odd elelid in ADF cst s rcll s odF ic*r is hdtd d S.h*@ Infmalion
Cnl€ri@. This test is nt bbusl for sh.ll s9Ls, dEtf@ tne EsMher Mied oul
sddiriml &s of DFcLs ed Ng'Pdbn. 'l1o rcsulIs @ 8i!..
in tlble 47 dd 43
As it shows iNlitution vdbblo is slttldary at l.vel, bul when tttnd i3 included' n bam6
sliorory !t ffd ditr En@, Rest of tn. v.riablor |l3o b.ooF. si.tiolrv ar 66t ditr€rcne
Thc o!d!l lNlr sueeest mn rul l.v.l bur int4r.tej in | (l)