Level

First difference

Variables

Constant

Break Point

Constant & trend

Break point

Constant

Break point

Constant & trend

Break point

I (d)

ln G D P C t

−2.988 (2)

2001

−3.029 (2)

1994

−4.839 (1)*

2000

−3.805 (1)

2010

I (1)

ln C O P t

−3.670 (0)

2003

−2.602 (0)

2011

−6.257 (0)***

2008

−6.038 (0)***

2005

I (1)

ln E X C t

−1.949 (0)

1991

−5.562 (0)***

1995

−4.266 (4)

1996

−3.042 (4)

2007

I (0)