Variables | ADF Test | Decision | |||
Model | ADFcalculated | ADFcritical | Probability | ||
GDP | Intercept | −6.840049 | 1% level: −3.699871 5% level: −2.976263 10% level: −2.627420 | 0.0000*** | GDP is stationary at level |
FDI | Trend and Intercept | −10.37356 | 1% level: −4.356068 5% level: −3.595026 10% level: −3.233456 | 0.0000*** | FDI is stationary at level |
Gross capital formation | Trend and intercept | −5.536543 | 1% level: −4.374307 5% level: −3.603202 10% level: −3.238054 | 0.0007*** | Gross capital formation is stationary at 1st difference |
Inflation rate | Tend and Intercept | −4.272901 | 1% level: −4.467895 5% level: −3.644963 10% level: −3.261452 | 0.0148** | Inflation rate is stationary at level |
Exchange rate | Tend and Intercept | −3.756473 | 1% level: −4.356068 5% level: −3.595026 10% level: −3.233456 | 0.0361** | Exchange rate is stationary at 1st difference |