Table 2.

ADF unit-root test of levels and first difference of variables used in the study

Variables	Intercept		Without Intercept		Order of integration
	Level	1st Diff	Level	1st Diff
LLEXP	−2.34	−5.34	1.20	4.720	I(1)
LTFR	−1.89	−3.89	−2.98	−8.67	I(1)
LGNI	−2.80	−3.80	−1.29	−6.40	I(1)
LINF	−2.84	−4.59	−0.39	−4.65	I(1)
LFPI	−1.67	−6.31	2.33	3.63	I(1)
LURB	−0.31	−4.84	1.79	−4.50	I(1)
LCO2	−0.239	−6.06	2.77	−4.24	I(1)
LDOC	−1.16	−3.34	2.81	−3.63	I(1)
LLIT	−0.86	−3.78	1.9	4.21	I(1)