Table 2. Unit Root Test (ADF).
| Null hypothesis: Series has a unit root | |||||
|---|---|---|---|---|---|
| Level | First difference | Order of integration | |||
| t-Statistic | p-Value | t-Statistic | p-Value | ||
| LnNSE | 0.65331 | 0.8540 | 10.66795 | 0.0000 | I(1) |
| LnWPI | 2.86468 | 0.0518 | 4.34557 | 0.0005 | I(1) |
| LnSP | 1.85264 | 0.3541 | 6.39621 | 0.0000 | I(1) |
| LnREPO | 0.12702 | 0.9669 | 4.35494 | 0.0005 | I(1) |
| LnM3 | 2.66303 | 0.0827 | 2.93487 | 0.0436 | I(1) |
| LnINT | 1.59587 | 0.4825 | 4.88953 | 0.0001 | I(1) |
| LnIMP | 2.92610 | 0.0445 | 8.53574 | 0.0000 | I(1) |
| LnIIP | 6.05275 | 0.0000 | I(0) | ||
| LnGP | 2.25023 | 0.1896 | 6.64226 | 0.0000 | I(1) |
| LnGFD | 2.73658 | 0.2541 | 6.39573 | 0.0000 | I(1) |
| LnGDP | 4.03958 | 0.0016 | I(0) | ||
| LnFII | 9.05679 | 0.0000 | I(0) | ||
| LnFER | 1.50637 | 0.5281 | 3.54933 | 0.0079 | I(1) |
| LnEXP | 2.78522 | 0.0625 | 7.85539 | 0.0000 | I(1) |
| LnER | 1.64973 | 0.4550 | 5.14721 | 0.0000 | I(1) |
| LnCPI | 2.02833 | 0.2746 | 9.32421 | 0.0000 | I(1) |
| LnCOP | 1.58457 | 0.4882 | 6.58330 | 0.0000 | I(1) |
| LnCMR | 1.55676 | 0.5024 | 6.17225 | 0.0000 | I(1) |
| LnBOP | 4.32833 | 0.0006 | I(0) | ||