Variable

Level t-statistic

P-value

First Difference t-statistic

P-value

GDP

−1.775767

0.6949

−5.457227*

0.0005

I_Rate

−3.649280

0.1340

−7.501036*

0.0000

M_Cap

−0.873202

0.9480

−5.135924*

0.0011