Variables | Levels | First difference | Order of Integration | ||
ADF | PP | ADF | PP | ||
CB | −1.82 | −1.429 | −4.56* | −4.41* | I(1) |
Y | −1.23 | −1.29 | 5.43* | −5.52* | I(1) |
Cpi | −2.12 | −1.44 | −3.49** | −4.72* | I(1) |
BD | −1.48 | −1.37 | −4.55* | −4.91* | I(1) |
ED | −3.54** | −4.12* | - | - | I(0) |
RER | −5.62* | −4.95* | - | - | I(0) |