Variable | Level | Prob. values | 1stdifference | Prob. values | Order of integration |
---|
 | Constant | Constant |  |
---|
RER
| −1.5 | 0.51 | −3.10 | 0.040 | I(1) |
PROD
| −2.04 | 0.20 | −7.11 | 0.000 | I(1) |
TOT
| −1.9 | 0.30 | −5.64 | 0.000 | I(1) |
TO
| −2.42 | 0.14 | −7.22 | 0.000 | I(1) |
GEX
| −1.41 | 0.55 | −5.98 | 0.000 | I(1) |
- Note: The null hypothesis is that the series is non-stationary, or contains a unit root. The rejection of the null hypothesis is based on MacKinnon (1996) critical values i.e., at constant: -3.646, -2.954 and −2.615 are significant at 1%, 5% and 10% level respectively. The lag length are selected based on SIC criteria, this ranges from lag zero to lag four.