How Does Capital Account Liberalization Affect Systemic Financial Risks? Evidence from China

Table 2

Outcomes of unit root test.

	ADF test	DF-GLS test	PP test	Outcomes
CAO	−4.671	−4.609	−5.309	Stationary
MER	−1.647	−3.208	−1.481	Nonstationary
ΔMER	−3.518	−3.191	−4.894	Stationary
CFR	−3.305	−3.468	−2.872	Stationary
EMR	−1.763	−3.788	−1.736	Nonstationary
ΔEMR	−4.479	−4.030	−7.383	Stationary
ABR	−2.161	−2.170	−3.179	Nonstationary
ΔABR	−6.097	−5.780	−8.589	Stationary

Δ means the first difference; ^∗, ^∗∗, and ^∗∗∗, respectively, signify the significance levels of 10%, 5%, and 1%.