| variables | In level | In first difference | ||
| ADF | PP | ADF | PP | |
| LPIB | 1.527337 | −0.867669 | −4.988341*** | −4.98896*** |
| (0.9658) | (0.7849) | (0.0000) | (0.0000) | |
| INSTPOL | −0.155054 | −0.024424 | −5.548321*** | −7.839214*** |
| (0.6221) | (0.6669) | (0.0000) | (0.0000) | |
| LINVST | 1.404386 | 1.382660 | −4.323247*** | −4.323247*** |
| (0.9568) | (0.9550) | (0.0001) | (0.0001) | |
| LPOPUL | −3.860662** | 31.46028 | −3.322080** | −0.340505 |
| (0.0279) | (0.9999) | (0.0866) | (0.5539) | |
| LTBSP | −4.041408*** | −3.994739*** | −6.436072*** | −14.40056*** |
| (0.0039) | (0.0044) | (0.0000) | (0.0000) | |