Variables | Value of ADF test | Form of test (c, t, k) | Critical value | Conclusion |
RE | −3.05239 | (c, 0, 1) | −2.926622 | Stationary |
ES | −3.28066 | (c, 0, 0) | −2.925169 | Stationary |
GDPG | −4.41518 | (c, 0, 0) | −2.925169 | Stationary |
FTG | −3.49674 | (0, 0, 4) | −1.948686 | Stationary |
FAG | −5.35903 | (c, t, 0) | −3.508508 | Stationary |