Table 4: Philip-Perron test statistics.

VariablePhilip-Perron
Without trend (critical value = −2.88)
With trend (critical value = −3.44)

Auckland International Airport−14.26−14.25
Air New Zealand−9.59−9.60
Millenium & Copthorne Hotels−13.92−13.89
New Zealand Experience−20.75−21.15
Restaurant Brands−12.62−12.62
Sky City Entertainment−13.60−13.65
Tourism Holdings−11.76−11.74
Change in market portfolio −12.49−12.46
Change in M1 money supply−15.15−15.08
Change in 90-day bank bill−5.18−5.29
Change in term premium−8.71−8.69
Change in official cash rate−6.54−6.68
Change in tourist arrivals−11.22−11.18