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)