Variable

Level t-statistic

P-value

First Difference t-statistic

P-value

GDP

−2.371463

0.03867*

−2.249553

0.4482

I_Rate

−2.995059

0.1478

−5.968584*

0.0001

M_Cap

−0.893537

0.9455

−5.184580*

0.0009