Table 3.

Unit root results.

Variables	Augmented Dickey-Fuller (ADF)				Phillips-Peron (PP)
	At Level		First Difference		At Level		First Difference
	T-Stat.	Prob.	T-Stat.	Prob.	T-Stat.	Prob.	T-Stat.	Prob.
Ln EFP	−1.2191	0.997	−6.8742*	0.0000	−1.6752	0.9995	−6.8698*	0.000
Ln EGR	−2.9188	1.000	−5.8601*	0.0000	−2.3912	1.0000	−5.9218*	0.000
Ln GLOB	−1.2479	0.644	−7.6528*	0.0000	−1.3168	0.6130	−7.6528*	0.000
Ln GEN	−0.3302	0.560	−10.076*	0.0000	−1.0433	0.2629	−6.0597*	0.000
Ln FDV	−2.2547	0.191	−7.1203*	0.0000	−2.0181	0.5747	−7.0240*	0.000

Note: * refers to significance at 1, 5, and 10%, respectively.