Variable

ADF Test Statistics

P-Value

Result at α = 0.05

Conclusion at α = 0.05

ASPI

−4.8122

0.01

H₀ rejected

I(1) Time series is stationary.

Exchange Rate

−5.3463

0.01

H₀ rejected

I(1) Time series is stationary.

M1

−4.7381

0.01

H₀ rejected

I(1) Time series is stationary.

M2

−5.2984

0.01

H₀ rejected

I(1) Time series is stationary.

M4

−6.3157

0.01

H₀ rejected

I(1) Time series is stationary.

Wage Rate Government

−5.838

0.01

H₀ rejected

I(1) Time series is stationary.

Wage Rate Trade

−5.9859

0.01

H₀ rejected

I(1) Time series is stationary.

Net Foreign Assets

−5.2371

0.01

H₀ rejected

I(1) Time series is stationary.

Currency in Circulation

−6.9360

0.01

H₀ rejected

I(1) Time series is stationary.

Imports

−7.2143

0.01

H₀ rejected

I(0) Time series is stationary.

Exports

−8.9599

0.01

H₀ rejected

I(0) Time series is stationary.