| ADF Unit Root Test | PP Unit Root Test | |||
| Variable Name | Level | 1st Difference | Level | 1st Difference |
| lnNPL | −1.849 | −2.651* | −2.042 | −2.663* |
| lnINF | −3.926*** | −3.940*** | ||
| lnY | −2.171 | −4.607*** | −2.082 | −5.383*** |
| lnM1 | −1.074 | −3.385** | −1.208 | −3.363** |
| lnM2 | −1.287 | −2.659 | −1.403 | −2.632* |
| lnM2+ | −1.720 | −2.622 | −1.740 | −2.725* |
| lnLR | −2.549 | −2.677* | −2.416 | −2.722* |
| lnEX | −2.517 | −2.675* | −2.613 | −2.658* |
| lnRISK | −3.217** | −3.219** | ||
| lnCPS/Y | −0.882 | −5.255*** | −0.691 | −6.439*** |
| lnCPS/DC | −1.375 | −4.171*** | −1.391 | −4.145*** |
| lnM2+/Y | 0.261 | −3.151*** | 0.227 | −3.119*** |
| lnM1/M2+ | −0.230 | −4.309*** | −0.178 | −4.680*** |
| lnDC/Y | −0.694 | −3.816*** | −0.622 | −4.141*** |