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Structural Vector Autoregressive Analysis of Crude Oil Price Shocks on Ghana’s Economy
Universal Journal of Finance and Economics
| Vol 3, Issue 1
Table 2. AugmentedDickey-Fuller test
| Variable | ADF Test | ||
| Level with trend | 1st Difference | Order of integration | |
| COP | -1.201 | -5.368*** | I(1) |
| INFL | -0.434 | -3.623*** | I(1) |
| EXCH | -1.386 | -3.669*** | I(1) |
| IR | -2.059 | -3.623*** | I(1) |
| GDPgr | -1.037 | -7.080*** | I(1) |
| Critical Value 1% | -3.577723 | -3.581152 |
|
| Critical Value 5% | -2.925169 | -2.926622 |
|
| Critical Value 10% | -2.600658 | -2.601424 |
|
*, ** and *** represent 1%, 5% and 10% levels of respectively; Source: Author’s computation