Table 1. ADF unit root tests results...

Table 1.

ADF unit root tests results

	Level	First difference
Variable	ADF Stat	ADF Stat	I(d)
LNFDI	−3.240	−4.755***	I (1)
LNINDEX	−3.445	−4.309**	I (1)
LNINFL	−1.239	−5.318***	I (1)
LNGDPC	−2.040	−3.645**	I (1)
LNEXC	−1.339	−4.100**	I (1)
LNTO	−2.670	−3.955**	I (1)

	Level	First difference
Variable	ADF Stat	ADF Stat	I(d)
LNFDI	−3.240	−4.755***	I (1)
LNINDEX	−3.445	−4.309**	I (1)
LNINFL	−1.239	−5.318***	I (1)
LNGDPC	−2.040	−3.645**	I (1)
LNEXC	−1.339	−4.100**	I (1)
LNTO	−2.670	−3.955**	I (1)

Notes:

Null hypothesis: the series has a unit root. ***; ** denote rejection of null hypothesis at 1%, 5% and significance levels, respectively. The lag length is chosen based on the automatic Akaike Information Criterion

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