Table 5.

ADF unit root test, PP unit root test, and KPSS test.

Variables	ADF Test			PP Test			KPSS Test
	Trend and Intercept			Trend and Intercept			Trend and Intercept
	Level Form	1st differenced Form	2nd differenced Form	Level Form	1st differenced Form	2nd differenced Form	Level Form	1st differenced Form	2nd differenced Form
LRGDP	−2.192365	−2.090616	−3.957376*	−0.767687	−2.343232	−5.217410**	0.123164	0.090370	0.141708
LRGFDI	−2.892289	−2.053466	−3.764536*	−4.1056**	−7.606148**	−29.55986**	0.100354	0.102471	0.248831**
LRMA	−0.468651	−8.27962**	−4.55031**	−6.4415**	−12.41781**	−11.42898**	0.50**	0.291885**	0.295817**

Note: ** and * denote the rejection of null hypothesis at 5% and 10% significance levels, respectively.