Level

First difference

IPS test

CADF test

IPS test

CADF test

Cons

6.012 (1.000)

0.367 (0.643)

−24.235* (0.000)

−6.534* (0.000)

G

1.587 (0.934)

−2.043* (0.021)

−22.517* (0.000)

−5.941* (0.000)

GDP

9.077 (1.000)

1.193 (0.884)

−19.006* (0.000)

−6.046* (0.000)