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***