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 |