Null Hypothesis: Variable has a unit root

Exogenous: None

Lag Length: 1 (Automatic-based on AIC, maxlag = 4)

Variable

ADF test statistic

Prob.

GDP_GR

−1.684576*

0.0868

C_GR

−1.297795

0.1769

GOV_GR

−2.089660**

0.0364

INC_DIV_TOTAL

1.219252

0.9412

LVT_DIV_TOTAL

−0.749168

0.3869

D(C_GR)

−8.183553***

0.0000

D(INC_DIV_TOTAL)

−6.118797***

0.0000

D(LVT_DIV_TOTAL)

−6.702513***

0.0000