Structural Vector Autoregressive Analysis of Crude Oil Price Shocks on Ghana’s Economy

Universal Journal of Finance and Economics | Vol 3, Issue 1

Table 3. Zivot–Andrew Unit tests for structural breaks

Variables	Both	Intercept	Trend
COP	-5.142***	-5.677***	-2.960*
INFL	-4.117***	-3.149**	-2.651**
EXCH	-4.474***	-4.447***	-2.973**
IR	-0.073*	-4.996***	-4.278***
GDP	-17.375***	-15.538***	-3.184***

Notes: intercept = break in intercept; trend = break in trend both = break in intercept and trend; *** = rejection of null at 1% significance level; ** = rejection of null at 5% significance level; null hypothesis of the test states unit root with a structural break in a specified part (intercept, trend, or both) of the variable.