Level

First difference

IPS test

CADF test

IPS test

CADF test

M

4.014 [1.000]

0.874 [0.421]

−14.594* [0.000]

−5.084* [0.000]

GDP

8.745 [1.000]

0.563 [0.713]

−10.340* [0.000]

−4.324* [0.000]

RP

−2.898* [0.001]

0.280 [0.610]

−11.949* [0.000]

−4.834* [0.000]

FDI

2.950 [0.998]

−0.033 [0.487]

−12.745* [0.000]

−3.528* [0.000]

REM

3.506 [0.999]

0.410 [0.659]

−13.809* [0.000]

−3.049* [0.001]