VARIABLES

LEVEL

FIRST DIFFERENCE

ORDER IN INTEGRATION

ADF Value

Mackinnon Critical Values

ADF Value

Mackinnon Critical Values

ASI2GDP

−2.781484

−3.587527

−5.905998

−3.595026**

1(1)

PENFUND

−1.495562

−3.595026

−3.576188

−3.658446**

1(1)

PENINVEST

−3.117782

−3.622033

−4.259252

−3.603202**

1(1)

INFLAT

−3.329771

−3.587527**

−4.512223

−3.612199

1(0)