Varibles | (C, T, L) | T-stastics | p-value | Smoothness |

CPI | (C, T, 12) | −0.6131 | 0.9754 | Stationary |

dCPI | (C, T, 12) | −7.263192 | 0.0000 | Stationary |

RM2 | (C, T, 12) | −1.604307 | 0.7821 | Non-stationary |

dRM2 | (C, T, 12) | −6.167182 | 0.0000 | Stationary |

EXR | (C, 0, 12) | −5.017896 | 0.0001 | Stationary |

dEXR | (C, 0, 12) | −8.540224 | 0.0000 | Stationary |

FDI | (C, T, 12) | −1.057897 | 0.9285 | Non-stationary |

dFDI | (C, T, 12) | −3.920798 | 0.0161 | Stationary |

RES | (C, T, 12) | −0.649772 | 0.9731 | Non-stationary |

dRES | (C, T, 12) | −7.633750 | 0.0000 | Stationary |

AM2 | (C, T, 12) | −2.034470 | 0.5736 | Non-stationary |

dUSM2 | (C, T, 12) | −4.109890 | 0.0091 | Stationary |

TRADEF | (C, 0, 12) | −4.823142 | 0.0001 | Stationary |

dTRADEF | (C, 0, 12) | −12.69718 | 0.0001 | Stationary |

CRB | (C, T, 12) | −4.534960 | 0.0024 | Stationary |

dCRB | (C, T, 12) | −10.61541 | 0.0000 | Stationary |