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Universal Journal of Finance and Economics
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  5. Volume 3, Number 1, 2023
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  7. Table 3

Structural Vector Autoregressive Analysis of Crude Oil Price Shocks on Ghana’s Economy

Table 3.

Zivot–Andrew Unit tests for structural breaks

Variables

Both

Intercept

Trend

COP

-5.142***

-5.677***

-2.960*

INFL

-4.117***

-3.149**

-2.651**

EXCH

-4.474***

-4.447***

-2.973**

IR

-0.073*

-4.996***

-4.278***

GDP

-17.375***

-15.538***

-3.184***

Notes: intercept = break in intercept; trend = break in trend both = break in intercept and trend; *** = rejection of null at 1% significance level; ** = rejection of null at 5% significance level; null hypothesis of the test states unit root with a structural break in a specified part (intercept, trend, or both) of the variable.
Notes: intercept = break in intercept; trend = break in trend both = break in intercept and trend; *** = rejection of null at 1% significance level; ** = rejection of null at 5% significance level; null hypothesis of the test states unit root with a structural break in a specified part (intercept, trend, or both) of the variable.