Variables

ADF in levels

ADF in first differences

PP in Levels

PP in First Differences

LRM2

−0.716

−5.371***

−0.281

− 5.437***

LRGDP

−0.109

−5.449***

−0.033

−5.455***

INF

−1.360

−6.471***

−2.758*

−10.105***

EXCH

−4.032***

−6.561***

−3.611**

−2.919**

INTSPR

−1.760

−1.973

−3.322**

−9.861***

FINV

−0.181

−5.906***

−0.186

−5.973***

USTB

−1.519

−5.611***

−1.814

−5.304***