| Augmented Dickey-Fuller (ADF) Test | Phillips-Perron (PP) Test | |||||
| Variables | Level | 1st Difference | Status | Level | 1st Difference | Status |
| log (Y) | −1.537659 | −5.268423* | 1 (1) | −2.211996 | −5.341840* | 1 (1) |
| log (MDLN) | −2.630823 | −5.578805* | 1 (1) | −2.596900 | −6.930010* | 1 (1) |
| log (GCF) | −0.121137 | −4.982040* | 1 (1) | −0.368917 | −5.944080* | 1 (1) |
| log (CPI) | −2.951035 | −4.363159* | I (1) | −2.886481 | −4.506176* | I (1) |
| log (LFP) | 0.587792 | −5.245912* | 1 (1) | 0.869873 | −5.395660* | 1 (1) |
| 5% Critical V. | −2.976263 | −2.981038 |
| −2.976263 | −2.981038 |
|
| ECM | −4.652177 | 5% Crittical value = −1.953858 | I (0) | |||