| Variables | Augmented Dickey-Fuller (ADF) | Phillip-Perron (PP) | Order of Integration | ||
| Levels | First difference | Levels | First difference | ||
| log tb | −1.9965 | −6.0848* | −2.1161 | −6.0844* | I(1) |
| log ms | −1.3625 | −6.4027* | −1.3304 | −6.4272* | I(1) |
| log reer | −1.5693 | −4.9214* | −1.8723 | −4.8600* | I(1) |
| log rgdp | −1.9213* | −3.8373** | −1.1624 | −3.6623** | I(1) |
| log cpi | −3.2710 |
| −4.2312 |
| I(0) |
| log gov | −3.2014 | −8.2428* | −3.0992 | −9.2913* | I(1) |
| log fdi | −4.4819* | − | −6.5546* | − | 1(0) |