(C, T, L)

ADF statistic

1% significance level/critical value

P-value

dlnsb_sa

(c, 0, 0)

−9.764687

−3.476805

0.0000

dlnloan_sa

(c, 0, 2)

−3.483754

−3.477487

0.0098

dlnrate_sa

(c, 0, 0)

−12.95342

−3.476805

0.0000

dlnpmi_sa

(c, 0, 1)

−10.03948

−3.477144

0.0000