ADF test
| Variables | Test statistic | Critical value | Implication |
|---|---|---|---|
| Level form | |||
| LINST | −2.5143 | −3.6316 | Non-stationary |
| LINF | −4.4857 | −3.6316 | Stationary |
| LFDI | −3.2683 | −3.6278 | Non-stationary |
| LGNP | −2.6748 | −3.6316 | Non-stationary |
| LXP | −0.97975 | −3.6278 | Non-stationary |
| Differenced form | |||
| DINST | −3.6755 | −2.9447 | Stationary |
| DINF | −3.6614 | −2.9681 | Stationary |
| DFDI | −3.9962 | −2.9753 | Stationary |
| DGNP | −4.5725 | −2.9447 | Stationary |
| DXP | −4.2765 | −2.9447 | Stationary |
| Variables | Test statistic | Critical value | Implication |
|---|---|---|---|
| LINST | −2.5143 | −3.6316 | Non-stationary |
| LINF | −4.4857 | −3.6316 | Stationary |
| LFDI | −3.2683 | −3.6278 | Non-stationary |
| LGNP | −2.6748 | −3.6316 | Non-stationary |
| LXP | −0.97975 | −3.6278 | Non-stationary |
| DINST | −3.6755 | −2.9447 | Stationary |
| DINF | −3.6614 | −2.9681 | Stationary |
| DFDI | −3.9962 | −2.9753 | Stationary |
| DGNP | −4.5725 | −2.9447 | Stationary |
| DXP | −4.2765 | −2.9447 | Stationary |
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