| Variable | ADF Statistics | Critical Value at 1% | Critical Value at 5% | Critical Value at 10% | P-Value | TCV* |
| lnGCEx | −5.015397 | −4.296729 | −3.568379 | −3.218382 | 0.0018 | I (0) |
| lnGCP | −3.987739 | −4.309824 | −3.574244 | −3.221728 | 0.0207 | I (0) |
| lnWCEx | −5.517291 | −4.296729 | −3.568379 | −3.218382 | 0.0005 | I (0) |
| lnWCP | −4.191994 | −4.296729 | −3.568379 | −3.218382 | 0.0127 | I (0) |
| lnWCPx | −2.808181 | −4.309824 | −3.574244 | −3.221728 | 0.2057 | I (1) |
| lnGDPgr | −3.516691 | −4.296729 | −3.568379 | −3.218382 | 0.0556 | I (1) |
| lnRER | −1.364939 | −4.296729 | −3.568379 | −3.218382 | 0.8507 | I (1) |
| D( lnGCEx ) | −8.381240 | −4.309824 | −3.574244 | −3.221728 | 0.0000 | I (0) |
| D(lnGCP) | −5.608922 | −4.296729 | −3.568379 | −3.218382 | 0.0005 | I (0) |
| D( lnWCEx ) | −7.651971 | −4.296729 | −3.568379 | −3.218382 | 0.0000 | I (0) |
| D(lnWCP) | −8.619896 | −4.309824 | −3.574244 | −3.221728 | 0.0000 | I (0) |
| D(lnWCPx) | −4.115838 | −4.296729 | −3.568379 | −3.218382 | 0.0042 | I (0) |
| D(lnGDPgr) | −6.347617 | −4.309824 | −3.574244 | −3.221728 | 0.0001 | I (0) |
| D(lnRER) | −4.148849 | −4.309824 | −3.574244 | −3.221728 | 0.0416 | I (0) |