Level Values First Difference

Variables

Constant

Constant

& Trend

Constant

Constant

& Trend

Order of Integration

lnEXC_t

−3.070^** (0.038)

−1.852 (0.656)

--------------------

-------------------

I (0)

lnCOP_t

−1.083 (0.711)

−2.277 (0.434)

−5.562^*** (0.000)

−5.494^*** (0.000)

I (1)

lnOREV_t

−1.665 (0.439)

−0.662 (0.968)

−5.968^*** (0.000)

−5.363^*** (0.000)

I (1)

lnGDPC_t

0.046 (0.956)

−1.516 (0.803)

−5.126^*** (0.000)

−4.827^*** (0.002)

I (1)