Variables | Levels | First Difference | Order of Integration | ||||
ADF Test Stat. | 1% | 5% | ADF Test Stat. | 1% | 5% | ||
(INVt) | −4.58* | −3.62 | −2.94 | −7.80* | −3.63 | −2.94 | I(1) |
(SAVt) | −1.34 | −3.62 | −2.94 | −4.37* | −3.63 | −2.94 | I(1) |
(CFt) | −1.88 | −3.62 | −2.94 | −6.98* | −3.62 | −2.94 | I(1) |
(LMt) | −1.18 | −3.62 | −2.94 | −12.01* | −3.63 | −2.94 | I(1) |
(FEDt) | −2.08 | −3.62 | −2.94 | −3.78 | −3.62 | −2.94 | I(1) |