Variable

Lags

Constant

Trend

Test Statistics

P-Value

IBOV

6

Yes

Yes

−3.52

0.04

IFIX

1

No

No

−1.10

0.93

SP_500

0

Yes

Yes

−3.09

0.11

CPI

0

Yes

No

−3.91

0.01

ER

3

Yes

No

−2.17

0.50

IP

3

No

No

−1.09

0.92

OIL

1

Yes

Yes

−2.90

0.16

IR

3

No

No

−1.09

0.92