Variable

ADF

1% level

5% level

P value

Result

LNPGDP

−2.169565

−3.724070

−2.986225

0.2214

Non-stationary

Δ LNPGDP

−3.981060

−3.737853

−2.991878

0.0057

Stationary

LNPCHE

−2.743801

−3.724070

−2.986225

0.0810

Non-stationary

Δ LNPCHE

−4.907246

−3.737853

−2.991878

0.0007

Stationary