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) |