710 Panel Methods to Test for Unit Roots and Cointegration
Table A.13.1 Country lists for the four monthly RER panelsEuro-area (1980/1–1998/12)Austria France Italy Portugal
Belgium Germany Luxembourg Spain
Finland Greece Netherlands
CEEC (1993/1–2004/6)
Albania Estonia Lithuania Slovak Republic
Bulgaria Hungary Poland Slovenia
Czech Rep. Latvia Romania
Industrial (1980/1–1998/12)
Argentina Germany Malaysia South Africa
Austria Greece Mexico Spain
Belgium Indonesia Netherlands Sweden
Brazil Italy Norway Switzerland
Canada Japan Philippines Thailand
Denmark Korea Portugal Turkey
Finland Luxembourg Singapore United Kingdom
France
Worldwide (1981/1–1998/12)
Algeria Dominican Republic Kenya Samoa
Argentina Ecuador Korea Saudi Arabia
Bahamas Egypt Madagascar Senegal
Bolivia El Salvador Malaysia Seychelles
Botswana Fiji Malta Singapore
Brazil Ghana Mauritius South Africa
Burkina Faso Guatemala Mexico Swaziland
Burundi Haiti Morocco Sweden
Canada Honduras Niger Switzerland
Chile Hong Kong Norway Thailand
Colombia India Pakistan Turkey
Costa Rica Indonesia Paraguay United Kingdom
Cote d’Ivoire Israel Peru Uruguay
Cyprus Japan Philippines Venezuela
DenmarkNote: Italic entries indicate rejection of the unit root null hypothesis at the 10% level and bold
entries indicate rejection at the 5% level when applying the ADF test to the time series individually.
Source: IMF IFS, OECD MEI and ECB.Import prices– monthly indexes of import unit values (calculated based on local
currency) for imports originating outside the euro-area.
Foreign prices – monthly indexes of import unit values (calculated based on
US dollars) from imports originating outside the euro-area into the euro-
zone.
Exchange rates– index of monthly average exchange rate of local currency against
the US dollar.