VARIABLES

AUGMENTED DICKEY-FULLER TEST

LEVEL OF INTEGRATION

NO TREND

TREND

FIRST DIFFERENCE

BROAD_MONEY

−7.056867***

−6.924801***

I(1)

EXCHANGE_RATE

−5.629902***

−7.285127***

I(1)

INTEREST_RATE

−5.792823***

−5.827045***

I(1)