| Variables | Level | Test statistic | Critical level at 10% |
| Lnce | 1st diff | −3.27 | −3.22 |
| Lngdp | level | −5.79 | −2.62 |
| Lnexp | 1st diff | −3.78 | −3.22 |
| Lncap | level | −3.81 | −2.62 |