| Variables | t-stat | Critical levels | p-value | ||
| 0.01 | 0.05 | 0.1 | |||
| ℓCPI | −7.642 | −3.788 | −3.01 | −2.646 | 0 |
| ℓMS | |||||
| ℓGE | −3.3 | −3.788 | −3.01 | −2.646 | 0.028 |
| ℓGR | −5.259 | −3.788 | −3.01 | −2.646 | 0 |
| ℓFDI | −3.329 | −3.788 | −3.01 | −2.646 | 0.026 |
| ℓINT | −3.032 | −3.788 | −3.01 | −2.646 | 0.048 |