CES VŠEM o aktuálních ekonomických problémech

found highly significant in (Cuestas, 2009), 62 but similar for other
countries.
Table 4: Univariate unit root test – the Bierens (1997) test
Test t. statistics P-value Test t. statistics P-value
Bulgaria -4.9998 [0.1555] Latvia -4.0550 [0.9317]
-15.9013 [0.5654] -392.6386 [0.0696]
25.2365 [0.9696] 9.7555 [0.3363]
Cyprus -0.4551 [0.1523] Malta -6.7392 [0.6305]
-16.3117 [0.0794] -610.5297 [0.3904]
15.5347 [0.6404] 9.8155 [0.7073]
Czech Republic -10.0111 [0.0124] Poland -6.8029 [0.5217]
-69.5700 [0.8578] -159.5950 [0.3371]
13.2114 [0.9504] 6.0903 [0.6680]
Estonia -9.6901 [0.0260] Romania -8.4230 [0.1117]a)
-185.6986 [0.1606] -221.5326 [0.0683]
36.4082 [0.9878] 7.3677 [0.8527]
Hungary -0.9820 [0.8579] Slovenia -8.6992 [0.0679]
-5.2482 [0.8986]a) -25.2222 [0.9018]
22.6888 [0.6578] 30.0060 [0.9545]
Lithuania -5.0224 [0.9667] Slovakia -7.1495 [0.3297]
Note: p-values in brackets. Rejection of the
Source: own calculations.
-81.0954 [0.9302] -486.4810 [0.5140]
6.9682 [0.3892] 6.2722 [0.3458]
is in bold. a) Marginally rejected.
Our results for the URTs are rather inconclusive, unless we check
for possible sources of nonlinearities. In addition, the values of
test statistics may be affected by the properties of time series, so
the next step of our analysis is to employ the pURTs. 63 As there is
a large number of different tests, only some of them are utilised
in this paper. In the next step, we will make use of the tests of
62 It may have been due to inclusion of the time period including the early 1990s.
63 A recent study (Telatar and Hasanov, 2009) does not find much support for
PPP in CEE with ADF test either.
92