| 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 |