Exchange Rate Movement and Foreign Direct Investment in Asean Economies

Table 1

Unit root test.

Country	Variable	Test type
		ADF		PP		DF-GLS
		Intercept	Intercept and trend	Intercept	Intercept and trend	Intercept	Intercept and trend
Malaysia	AFDI	𝐼(0)	𝐼(1)	𝐼(0)	𝐼(1)	𝐼(0)	𝐼(1)
	RER	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(0)	𝐼(1)	𝐼(1)
The Philippines	AFDI	𝐼(0)	𝐼(0)	𝐼(0)	𝐼(0)	𝐼(0)	𝐼(0)
	RER	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(0)	𝐼(1)
Thailand	AFDI	𝐼(1)	𝐼(0)	𝐼(1)	𝐼(0)	𝐼(1)	𝐼(0)
	RER	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(0)	𝐼(1)
Singapore	AFDI	𝐼(1)	𝐼(0)	𝐼(1)	𝐼(0)	𝐼(1)	𝐼(0)
	RER	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(1)	𝐼(1)

Notes: 𝐼(0) and 𝐼(1) indicate stationary at level and first difference, respectively. All variables are transformed into logarithms (𝐿).