Variables	Level		First difference
Variables	IPS test	CADF test	IPS test	CADF test
CRED	0.265 [0.604]	2.010[0.978]	−13.622* [0.000]	−1.949* [0.026]
M2	0.798 [0.787]	0.077 [0.531]	−15.750* [0.000]	−2.004* [0.023]
REM	1.414 [0.921]	−0.772 [0.220]	−15.689* [0.000]	−2.847* [0.002]
GDP	2.352 [0.990]	2.223 [0.987]	−12.470* [0.000]	−4.953* [0.000]
INF	−11.954* [0.000]	1.266 [0.897]	−18.550* [0.000]	−2.396* [0.008]
FDI	−2.301* [0.010]	−0.310 [0.378]	−18.572* [0.000]	−1.995* [0.023]