Table 3.

Variable stationarity test.

Variable	LLC	IPS
gad	−35.464 ***	−10.001 ***
dif	−20.414 ***	−14.657 ***
fai	−18.212 ***	−4.381 ***
gep	−12.799 ***	−1.558 ***
api	−24.460 ***	−5.678 ***
eor	−27.708 ***	−9.875 ***
ndr	−16.073 ***	−3.770 ***

Notes: *** denote statistical significance levels at 1%.