Table 3.

Results of unit root tests.

Variable	ADF		PP
	At Level	At First Difference	At Level	At First Difference
Y	−2.262	−5.184***	−2.262	−5.183***
DEBT	−1.015	−3.362**	−0.721	−3.334**
VAA	−1.918	−4.13***	−1.918	−4.206***
PSV	−1.487	−5.84***	−1.459	−5.699***
GEFF	−2.179	−5.639***	−1.782	−5.639***
REQ	−2.532	−5.821***	−2.527	−5.704***
ROL	−2.072	−4.845***	−2.696*	−6.919***
COC	−5.324***	−9.914***	−5.25***	−13.5***
TFP	−0.318	−2.899*	−0.6	−2.899*
INF	−4.557***	−7.929***	−4.557***	−21.71***
GS	−3.457**	−4.126**	−4.922***	−6.494***
EXP	−0.515	−3.628**	−0.734	−3.638**

Notes: *, ** and *** indicate significance levels at 10%, 5% and 1% respectively.