Order of integration

Variables

Intercept

Level

GDP (t-stat)

P-value

0.791305

(0.9927)

First difference I (1)

GDP (t-stat)

P-value

−6.353740***

(0.0000)

Level

PD (t-stat)

P-value

−1.772119

(0.3887)

First difference I (1)

PD (t-stat)

P-value

−3.540631**

(0.0117)

Level

PFI (t-stat)

P-value

0.284648

(0.9747)

First difference I (1)

PFI (t-stat)

P-Value

−7.747734***

(0.0000)

Level

EXP (t-stat)

P-value

−1.356242

(0.5943)

First difference I (1)

EXP (t-stat)

P-value

−6.642274***

(0.0000)

1%

Critical values

−3.600987

5%

−2.935001

10%

−2.605836