| Variables | ADF Test (at Level) | ADF Test (at First Difference) | PP Test (at Level) | PP Test (at First Difference) |
| GDP | −4.162*** | −10.642*** | −4.394*** | −12.328*** |
| M | −0.292 | −5.389*** | −0.211 | −5.246*** |
| ER | 0.427 | −5.025 *** | 0.265 | −4.923*** |
| FR | −0.735 | −4.687*** | −1.132 | −4.681*** |
| PPP | −1.293 | −4.096*** | −1.601 | −4.087 ** |
| FD | −1.587 | −5.512 *** | −1.738 | −5.652*** |
| FDI | −2.933** | −6.104*** | −3.142** | −6.086*** |
| GCF | −5.085*** | −10.762*** | −4.994*** | −12.139*** |