Variable

At level, I(0)

ADF t-statistics at difference

Order of integration

Intercept

Intercept & trend

Intercept

Intercept & trend

Decision

AG

−5.758*

−5.98*

−10.019*

−9.858*

I(0, 1)

P

−4.719*

−5.023*

−8.567*

−8.435*

I(0, 1)

ALG

−0.590

−2.204

−3.212*

−3.344*

I(1)

LG

−4.022*

−3.685*

−6.231*

−6.501*

I(0, 1)

K

−1.244

−4.022*

−6.042*

−5.852*

I(0, 1)

TFP

−6.304*

−6.213*

−7.031*

−6.997*

I(0, 1)

RER

4.256*

0.847

−3.280*

−4.304*

I(0, 1)

*MacKinnon (1996) with constant and no trend. critical values: 1% = −3.62, 5% = −2.94 and 10% level = −2.60

*Mackinnon (1996), with constant & trend. critical values: 1% = −4.22, 5% = −3.53 and 10% = −3.20

*MacKinnon (1996) with constant & no trend. critical values: 1% = −3.62, 5% = −2.94 and 10% = −2.61

*MacKinnon (1996) with constant & trend. Critical values: 1% = −4.23, 5% = −3.54 and, 10% = −3.20.

*shows that the variable indicated are stationary at 5%.