| Variables | In level | In first difference |
| TC_PIB | −3.567775** | |
| TC_POP | −3.567775** | |
| FBCF | −2.820516* | −6.287123*** |
| EDUC | −1.429560 | −5.736244*** |
| IDE | −4.176815*** | |
| OUV | −2.885897* | −7.344568*** |