Variable

Augmented Dickey-Fuller

Phillips-Perron

Remarks

Level

First Difference

Level

First Difference

Capital Flight (KF)

0.770 (1.000)

3.111 (1.000)

−5.494 (0.000)

I (0)?

−0.871 (0.949)9

Capital Flight Ratio (KFY)

−4.207 (0.000)

4.150 (0.010)

I (0)

Gross Domestic Product (GDP)

−2.4334 (0.358)

−5.5597 (0.000)

−2.473 (0.339)

−5.559 (0.000)

I (1)

Per Capita Income (PCY)

−2.389 (0.380)

−5.566 (0.000)

−2.437 (0.356)

−5.566 (0.000)

I (1)

Interest Rate Differential (ITD)

−6.354 (0.000)

−7.151 (0.000)

I (0)

Expected Inflation (Expinf)

−3.486 (0.053)

−7.095 (0.000))

−3.340 (0.073)

−16.034 (0.000)

I (1); I (0) at 10%

Inflation Differential (Infdf)

−3.665 (0.034)

−3.623 (0.000)

I (0)

Trade Deficit (TD)

−0.933 (0.943)

−8.020 (0.000)

−2.776 (0.212)

−16.451 (0.000)

I (1)

Trade Deficit Ratio (TDY)

−5.133 (0.000)

−4.671 (0.002)

I (0)

Nominal Exchange Rate (NER)

−1.855 (0.662)

−6.221 (0.000)

−1.873 (0.653)

−6.221 (0.000)

I (1)

Real Effective Exchange Rate (REER)

−3.148 (0.104)

−5.352 (0.000)

−2.321 (0.414)

−5.230 (0.000)

I (1)

Fiscal Deficit (FD)

16.557 (1.000)

2.446 (1.000)

3.824 (1.000)

0.210 (0.997)

I (2)

−12.128 (0.00)11

−6.437 (0.000)11

Fiscal Deficit Ratio (FDY)

−1.561 (0.7928)

−6.179 (0.000)

−3.651 (0.035)

I (1) overall

Parallel Market Exchange Rate Premium (PMP)

−2.137 (0.513)

−6.306 (0.000)

−2.282 (0.435)

−6.405 (0.000)

I (1)

Capital Control (KC)

−3.616 (0.038)

−3.653 (0.035)

I (0)

Capital Control Ratio (KCY)

−2.184 (0.487)

−10.772 (0.000)

−3.379 (0.065)

−11.211 (0.000)

I (1)

External Debt (ED)

−0.291 (0.988)

−5.346 (0.000)

−0.643 (0.971)

−5.338 (0.000)

I (1)

External Debt Ratio (DY)

−0.434 (0.983)

−5.142 (0.000)

−0.703 (0.967)

−5.097 (0.000)

I (1)

Total Expenditure on Security (TES)

−2.126 (0.5190)

−8.400 (0.0000)

−2.246 (0.454)

−8.274 (0.000)

I (1)