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**