Order of integration

Variables

Intercept

Level

GDP (t-stat)

P-value

0.827825

(0.9934)

First difference I (1)

GDP (t-stat)

P-value

−6.358265***

(0.0000)

Level

PD (t-stat)

P-value

−2.822602

(0.0637)

First difference I (1)

PD (t-stat)

P-value

−3.398307**

(0.0167)

Level

PFI (t-stat)

P-value

0.284648

(0.9747)

First difference I (1)

PFI (t-stat)

P-Value

−7.747734***

(0.0000)

Level

EXP (t-stat)

P-value

−1.412458

(0.5672)

First difference I (1)

EXP (t-stat)

P-value

−6.671804***

(0.0000)

1%

Critical values

−3.596616

5%

−2.933158

10%

−2.604867