Question: Panel 1C (LEXRATE) Panel 1D (LCP) Exogenous: Constant, Linear Trend Exogenous: Constant, Linear Trend Lag Length: 0 (Automatic - based on SIC, maxlag=13) Lag Length:

Panel 1C (LEXRATE) Panel 1D (LCP) Exogenous: Constant, Linear Trend Exogenous: Constant, Linear Trend Lag Length: 0 (Automatic - based on SIC, maxlag=13) Lag Length: 1 (Automatic - based on SIC, maxlag=13) t-Statistic Prob.* t-Statistic Prob.* Augmented Dickey-Fuller test Augmented Dickey-Fuller test statistic -2.422430 0.3664 statistic -1.613724 0.7827 Test critical Test critical values: 1% level -4.025924 values: 1% level -4.026429 5% level -3.442712 5% level -3.442955 10% 10% level -3.146022 level -3. 146165

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