4. Empirical findings and discussion
The primary test of time series analysis is the stationary
identification because time series data are naturally affected by the classical linear regression assumption. Before conducting stationary tests, we explore the basic statistics, as shown in Table 2.
We apply cointegration approaches to examine the long-run relationship between the variables. We note that our variables should be stationary at I(1) or I(0) or the variables are integrated mixed at I(1) and I(0). To ensure that our variables are integrated