TABLE 3
FROM:
An Analysis of Bunker Adjustment Factors and Freight Rates in the Europe/Far East Market (2000–2004)
Pierre Cariou and Francois-Charles Wolff
BACK TO ARTICLETable 3. Tests of stationarity for WEST, EAST, AVERAGE and HARPEX
| Variables | ADF 1 | DF-GLS 2 | Phillips–Perron 3 | |
|---|---|---|---|---|
| WEST | Level | -0.670 | -0.583 | -0.795 |
| D.WEST | First difference | -8.048*** | -5.382*** | -8.062*** |
| EAST | Level | -2.319 | -2.185* | -2.307 |
| D.EAST | First difference | -8.736*** | -5.798*** | -8.761*** |
| AVERAGE | Level | -0.981 | -0.815 | -1.029 |
| D.AVERAGE | First difference | -8.390*** | -5.676*** | -8.350*** |
| HARPEX | Level | 0.946 | -0.510 | -0.109 |
| D.HARPEX | First difference | -2.984** | -2.438** | -3.095** |
Significance levels are respectively 1% (***), 5% (**) and 10% (*). The different models comprise an intercept and no trend. The sample comprises 60 observations.
1 Critical values for the ADF test are respectively -3.57, -2.92 and -2.60 for the 1%, 5% and 10% levels.
2 Critical values for the DF-GLS test are respectively -2.61, -2.23 and -1.92 for the 1%, 5% and 10% levels.
3 Critical values for the Phillips–Perron test are respectively -3.57, -2.92 and -2.60 for the 1%, 5% and 10% levels.
