Open Access

Table 3

Unit root test.

Level First difference
Crude oil −3.40 −8.44*
Euro/US dollar −1.78 −11.66*
Gold −0.87 −13.14*
Industrial production index (USA) −2.44
3-Month Treasury bill −1.09 −6.92*
Metal spot index −2.48 −10.55*

Indicates statistically significant estimate at 5%.

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