| Series | Include in test equation (c,t,n) | t-statistic | 5% critical value | Stationary or nonstationary | Series | Include in test equation (c,t,n) | t-statistic | 5% critical value | Stationary or nonstationary |
| lngdp | (c,t,1) | −2.2229 | −3.6908 | nonstationary | D (lngdp) | (c,0,1) | −3.7215 | −3.6908 | stationary |
| lnind | (c,t,1) | 0.6321 | −3.6908 | nonstationary | D (lnind) | (c,t,0) | −4.5984 | −3.6908 | stationary |
| lnsev | (c,t,1) | −2.8179 | −3.6908 | nonstationary | D (lnsev) | (c,t,1) | −4.4517 | −3.7105 | stationary |
| lnfdi | (c,t,1) | −1.6379 | −3.6908 | nonstationary | D (lnfdi) | (c,t,4) | −4.0282 | −3.7912 | stationary |
| lnex | (c,t,0) | −2.3709 | −3.6736 | nonstationary | D (lnex) | (c,t,1) | −4.3572 | −3.7104 | stationary |
| lnim | (c,t,3) | −1.9433 | −3.6736 | nonstationary | D (lnim) | (c,t,0) | −4.8992 | −3.6908 | stationary |
| lnexse | (c,0,0) | 1.3187 | −3.0299 | nonstationary | D (lnexse) | (c,0,0) | −3.5163 | −3.0404 | stationary |
| lnimse | (c,0,0) | −2.4209 | −3.0299 | nonstationary | D (lnimse) | (c,0,0) | −3.5375 | −3.0403 | stationary |