| Variables | t-stat | Critical levels | p-value | ||
| 0.01 | 0.05 | 0.1 | |||
| ℓCPI | −0.669 | −3.788 | −3.012 | −2.646 | 0.834 |
| ℓMS | −3.967 | −3.769 | −3.005 | −2.642 | 0.007 |
| ℓGE | −1.758 | −3.769 | −3.005 | −2.642 | 0.39 |
| ℓGR | −0.243 | −3.769 | −3.005 | −2.642 | 0.919 |
| ℓFDI | −1.605 | −3.769 | −3.005 | −2.642 | 0.463 |
| ℓINT | −1.727 | −3.788 | −3.012 | −2.646 | 0.404 |