Frontiers of Business Research in China

Table 2 PP tests of the variables in Hong Kong, Jan. 1993–Feb. 2019

From: Intrinsic bubbles and Granger causality in the Hong Kong residential property market

Variable	Test statistics	1% C.V.	5% C.V	10% C.V.	Stationary
P _t	0.115	−3.455	−2.872	− 2.573	No
D P_t	−8.823	−3.455	−2.872	− 2.573	YES
D _t	−0.565	−3.455	−2.872	− 2.573	No
D D_t	−7.770	−3.455	−2.872	− 2.573	YES
I _t	−0.215	− 3.455	− 2.872	− 2.573	No
D I_t	−15.331	− 3.455	− 2.872	− 2.573	YES
R _t	−1.485	− 3.455	− 2.872	− 2.573	No
D R_t	−12.993	− 3.455	− 2.872	− 2.573	YES

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