Money demand under free banking: Switzerland 1851–1906

Swiss Journal of Economics and Statistics

Table 1 Unit root and stationarity tests, 1851–1906

Series	PP	PP with trend	KPSS	KPSS with trend
Log M1		− 1.631		0.183**
Log CP1		− 3.124*		0.148**
Log GDP		− 2.960		0.118
Log bank balance sheet total		− 3.254		0.241***
Log number of banks		− 2.991		0.241*
Ratio of balance-sheet-total-to-GDP		− 2.645		0.059
Savings rate	− 1.109		0.551**
Mortgage rate	− 1.024		0.554**
Interest rate spread	− 1.907		0.476**

Notes: Lag length for the nonparametric autocorrelation correction selected automatically according to Newey-West and Bartlett kernel
*Significant at the 10% level, **significant at the 5% level, ***significant at the 1% level