Variables

ADF test

LLC test

At level

1^st difference

At level

1^st difference

CFDI

10.5305

5.48837**

−1.98786*

3.27146***

REM

24.7995**

25.1069**

−4.86111***

−5.56217***

FA

7.62084

13.4382***

0.73789

−0.42243**

GDP

16.4023

33.4190***

−1.99945*

−4.51880***

HCG

8.33212

10.2222*

−3.43393***

−1.74555*

BD

3.46846

26.8079**

0.64880

−5.37179***