Variable

Level

1^ST Difference

Statistic

p-value

Statistic

p-value

M2/GDP

−6.0568***

0.0000

−5.6662***

0.0000

LnGDP

−4.0977***

0.0000

−14.6187***

0.0000

Savings/GDP

0.2138

0.5847

−19.5821***

0.0000

PSC/GDP

−7.8584***

0.0000

−9.0801***

0.0000

INFLATION

−0.1225

0.4512

−4.8953***

0.0000

EXCH

−8.5015***

0.0000

−10.4282***

0.0000

STMCAP/GDP

−5.9326***

0.0000

−8.0976***

0.0000