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Liquidity M2, Inflation, and Sukuk Issuance: Empirical Evidence

Table 1: Findings of Stationary Test

UNIT ROOT TEST RESULTS TABLE [ADF]
[Null Hypothesis]: the variable has a unit root
[At Level]
SIV LM2 INFL
[With the Constant] t. Statistic -(7.62) -(1.37) -(1.82)
Probability  0.00  0.60  0.37
[***] N(0) N(0)
[With the Constant and Trend]  t. Statistic -(9.71) -(2.76) -(3.27)
Probability  0.00  0.2149  0.0760
[***] n0 *
[Without the Constant and Trend]  t. Statistic -(0.12)  8.144 -(1.70)
Probability  0.64  1.00  0.084
N(0) N(0) *
At First Difference
d(SIV) d(LM2) d(INFL)
[With Constant] t. Statistic -(9.83) -(10.70) -(8.23)
Probability  0.00  0.00  0.00
[***] [***] [***]
[With the Constant and Trend] t. Statistic -(9.80) -(10.74) -(8.20)
Probability  0.00  0.00  0.00
[***] [***] [***]
[Without the Constant and Trend]  t-Statistic -(9.813) -(2.80) -(8.21)
Probability  0.00  0.0056  0.00
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