Level

I(1)

Variables

Intercept

Trend and Intercept

Intercept

Trend and Intercept

LEX

−1.8695

−3.4338

−4.7586***

−4.6507***

LBALANCE

−2.3930

−2.5645

−6.5125***

−6.4344***

LGDP

−3.3031**

−4.0169

−4.9591***

−4.8101***

LINF

−2.9693*

−4.5688

−7.1975***

−6.9495***

LINTER

−1.3051

−2.1686

−5.3664***

−5.4255***