S/N

Variables

ADF Fisher Chi-square

Philip Peron

Order of Integration

Critical Value

P Values

Critical Value

P Value

1

FDI

−4.1933

0.0111

−7.3040

0.0000

I (0)

2

BOP

−4.6143

0.0056

−5.4860

0.0004

I (1)

3

CPI

−6.6448

0.0000

−6.6450

0.0000

I (1)

4

ER

−5.1747

0.0006

−5.2266

0.0005

I (1)

5

FER

−5.0648

0.0013

−17.0102

0.0000

I (2)

6

GDP

−10.7379

0.0000

−5.0134

0.0010

I (2)

7

GNI

−4.4058

0.0067

−6.6577

0.0000

I (2)

8

SENSEX

−3.0344

0.0015

−10.9950

0.0000

I (1)

9

NIFTY

−3.3662

0.0068

−7.5102

0.0000

I (1)