Variables | Levels | First Difference | ||||
Augmented Dickey-Fuller (ADF) | Phillip-Perron (PP) | Ng-Perron (NgP) | Augmented Dickey-Fuller (ADF) | Phillip-Perron (PP) | Ng-Perron (NgP) | |
Inflation | −5.2148*** | −5.2193*** | 0.6639*** | |||
Money Supply | −3.2655 | −3.1823 | 1.7239 | −8.4118*** | −17.2481 | 0.0026 |
Real GDP | 1.4180 | 1.0494 | 2.5480 | −3.5036*** | −17.9296 | −0.6222 |
Exchange Rate | −0.3073 | 1.7857 | 0.1149 | −2.7364* | −12.9117** | −1.4490** |
Interest Rate | −2.2719 | −2.2904 | 4.7488 | −11.8347*** | −11.9447*** | 0.3451** |
Fiscal Deficit Financing | −2.3310 | −2.2492 | 2.7574 | −11.8357*** | −12.8117*** | 0.3551*** |
Domestic Financing Net | −3.6429 | −3.9317 | −3.8075 | −9.9858*** | −36.5368*** | −10.4417*** |
Foreign Financing Net | −1.0831 | −0.9472 | −0.9472 | −12.1658** | −12.4136*** | −5.9546** |