Table 1.

Result of Stationary Test using Augmented Dickey-Fuller (ADF) Approach.

Series	@ Level form	@ First Difference Form	Order of Integration
AO	−0.476108	−2.948583**	I (1)
CA	−1.774045	−2.940844**	I (1)
EX	−1.371228	−2.948416**	I (1)
LA	−0.732250	−3.045899**	I (1)
LD	−2.195118	−3.483188**	I (1)
RF	−2.756186*	−4.919975***	I (1)
TQ	1.087935	−2.943080**	I (1)
Critical Values
1 %	−3.501445	−3.501445
5 %	−2.892536	−2.892536
10 %	−2.583371	−2.583371
***, ** and * show significance at the level of 1 %, 5 %, and 10 % respectively