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*** |