PPP

ADF

Model

Variable

First difference

Level

First difference

Level

−4.641***

−0.737

−4.565***

−0.685

τ_µ

AER

−4.567**

−1.906

−4.584***

−1.572

τ_T

−4.374***

−0.930

−4.385***

1.234

Τ

−9.091***

−2.256

−8.275***

−2.437

τ_µ

OR

−9.587***

−2.742

−8.192***

−2.742

τ_T

−9.171***

−1.604

−8.403***

−1.803*

Τ

−12.148***

−2.849*

−6.080***

−2.931*

τ_µ

TOT

−11.735***

−2.818

−5.984***

−2.898

τ_T

−12.724***

0.621

−6.175***

−0.920

Τ

−8.175***

1.568

−3.719***

2.057

τ_µ

M2/GDP

−9.465***

−0.582

−4.277***

−0.981

τ_T

−7.838***

2.568

−3.042**

3.958

Τ

−9.119***

−1.230

−5.519***

−1.405

τ_µ

COP

−9.237***

−2.665

−5.442***

−2.863

τ_T

−6.050***

0.740

−2.549***

0.068

Τ

−9.321***

−1.246

−8.314***

−1.246

τ_µ

GEX

−9.147***

−3.260*

−5.334***

−3.314*

τ_T

−8.486***

0.182

−8.301***

0.239

Τ

8.541***

1.235

−9.655***

−1.548

τ_µ

FR

6.147***

3.987*

6.231***

−3.966*

τ_T

6.0124***

−0.895

5.321***

−0.806

Τ

−10.223***

−3.341**

−6.077***

−3.342**

τ_µ

DINF/FINF

−9.903***

−4.183**

−5.970***

−3.342***

τ_T

−10.363***

−4.112**

−6.159***

−4.051***

Τ