ADF Test | Level | First Different | Second Different | ||||||
Intercept | Intercept & Trend | None | Intercept | Intercept & Trend | None | Intercept | Intercept & Trend | None | |
GDP | 5.412 | 0.821 | 10.411 | 0.441 | −4.760** | 2.140 | −4.503** | −4.529* | −5.121*** |
TOUR | 1.936 | −0.442 | 4.221 | −3.192* | −5.140** | −2.167* | −4.774** | −4.673* | −4.539*** |
EXR | 0.057 | −3.264 | 2.344 | −3.284* | −3.189 | −1.618* | −4.777** | −4.834** | −5.072*** |